Imperial Group 'Baa1' issuer rating outlook cut to negative - Moody's |
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Published
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Wed, 28 Nov 2007 13:10
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has changed to negative from stable the outlook on the 'Baa1' issuer rating and other related debt ratings of Imperial Group (Pty) Ltd, a unit of South Africa's transport services group Imperial Holdings Ltd.Moody's also cut the company's long term national scale issuer and senior unsecured issue ratings to 'A1.za' from 'Aa3.za'.Moody's said the outlook change and the rating actions reflect its view that although the effect of the company's recently announced asset disposals may have a positive credit effect in the near-term, this effect could to be more than offset by the impact of a more difficult trading environment on credit metrics over the medium-term.The 'Baa1' ratings reflect Imperial Group's global default and loss expectation, the ratings agency said.Also, Moody's said although Imperial group has a relatively stable leverage profile, the impact of the recent increases in interest rates, the introduction of the National Credit Act and the weaker rand are beginning to have a negative effect on the company's credit profile through lower operating margins.All ratings factor the group's diversified and integrated mix of related businesses operating in a common value chain around transport and mobility sectors, Moody's said.TFN.newsdesk@thomson.comypv/jroCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Coles issuer ratings raised to 'Baa1' from 'Baa2' with stable outlook - Moody's 