Correction: Fitch Revises South Africa National Ratings

Thu Jun 27, 2013 12:41pm EDT

(The following statement was released by the rating agency) LONDON/JOHANNESBURG, June 27 (Fitch) This announcement corrects the version published on 16 January 2013, which incorrectly stated the rating action on the short-term South African national ratings of the affected issuers. Fitch Ratings has revised the National Ratings of 14 South African issuers following a recalibration of the South African National scale. Fitch has also revised the National Ratings of the debt instruments of five Trans-Caledon Tunnel Authority (TCTA) projects. A full list of rating revisions is at the end of this release. The rating revisions follow the downgrade of South Africa's Long-term local currency Issuer Default Rating (IDR) to 'BBB+' from 'A'; Outlook Stable and Long-term foreign currency IDR downgraded to 'BBB' from 'BBB+'; Outlook Stable (see 'Fitch Downgrades South Africa to 'BBB'; Outlook Stable' dated 10 January 2013 at www.fitchratings.com). For non-state owned entities these rating revisions only reflect the recalibration of the South Africa National Scale and no change in Fitch's assessment of fundamental issuer specific credit considerations. Affected issuers: Rand Water Long-term National Rating and senior unsecured rating; revised to 'AA(zaf)'/Stable Eskom Holdings SOC Ltd (Eskom) Long-term National Rating revised to 'AA+(zaf)'/Stable Umgeni Water Long-term National Rating and senior unsecured rating revised to 'AA(zaf)'/Stable Denel SOC Ltd Long-term National Rating revised to 'AA-(zaf)'/Stable Mercedes-Benz South Africa (Pty) Ltd senior unsecured rating revised to 'AA+(zaf)' Bidvest Group Ltd Long-term National Rating and senior unsecured rating revised to 'AA(zaf)'/Stable MTN Group Ltd (MTN) Long-term National Rating revised to 'AA(zaf)'/Stable Transnet SOC Ltd Long-term National Rating revised to 'A+(zaf)'/Stable Transnet SOC Ltd Short-term National Rating revised to 'F1(zaf)' Transnet SOC Ltd senior unsecured rating (bank credit facility) revised to 'A+(zaf)' Transnet SOC Ltd senior unsecured rating (guaranteed bonds) revised to 'AA+(zaf)' Barloworld Ltd Long-term National Rating and senior unsecured rating revised to 'AA-(zaf)'/Stable Aveng Ltd Long-term National Rating revised to 'A+(zaf)'/Stable Naspers Ltd (Naspers)Long-term National Rating revised to 'A+(zaf)'/Stable Sappi Southern Africa (Pty) Ltd National Rating and senior unsecured rating revised to 'A+(zaf)'/Stable Pick n Pay Stores Ltd National Rating revised to 'A+(zaf)'/Negative Affected debt instruments issued by TCTA projects: Berg Water Project, Vaal River Eastern Sub-System Augmentation Project, Mooi-Mgeni Transfer Scheme phase 2, Komati Water Scheme Augmentation Project and Mokolo Crocodile Water Augmentation Project National Long-term ratings were revised to 'AA(zaf)' with Stable Outlooks. The Short-term ratings were affirmed at 'F1+(zaf)'. All other short-term South African national ratings of the affected issuers are affirmed. Unaffected issuers: Steinhoff International Holdings Ltd remained at 'A-(zaf)'/Negative Steinhoff Services (Pty) Ltd remained at 'A-(zaf)'/Negative Airports Company South Africa (ACSA) remained at 'AA-(zaf)'/Stable Alexander Forbes Preference Share Investments Ltd senior unsecured rating remained 'BB-(zaf)' Contact: Primary Analyst (all affected and unaffected issuers excluding ESKOM, TCTA AND ACSA) Raymond Hill Senior Director +44 20 3530 1079 Fitch Ratings Limited 30 North Colonnade London E14 5GN Primary Analyst (Eskom) Roelof Steenekamp Director +44 20 3530 1374 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst (all affected and unaffected issuers excluding ESKOM, TCTA AND ACSA) Roelof Steenekamp Director +44 20 3 530 1374 Secondary Analyst (Eskom) Raymond Hill Senior Director +44 20 3530 1079 Secondary Analyst (MTN and Naspers) Michael Dunning Managing Director +44 203 530 1178 Primary Analyst (TCTA and ACSA) Nicolas Painvin Senior Director +33 1 44 29 91 28 Fitch France SAS 60 rue de Monceau 75008 Paris Secondary Analyst (TCTA, ACSA) Marike du Toit Associate Director +44 20 3530 1480 Committee Chairperson Alex Griffith Senior Director +44 203 530 1033 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com. The ratings on Transnet Limited were unsolicited and have been provided by Fitch as a service to investors. The issuer did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure All other ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable criteria, 'Corporate Rating Methodology', dated 8 August 2012, is available at www.fitchratings.com. Applicable Criteria and Related Research: Corporate Rating Methodology here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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