0.42%

Trading and distribution company Bidvest’s gain

by MTN Nigeria, resulting in MTN being more reliant on cash flows outside its key markets. Moody’s affirmed multinational media group Naspers and Steinhoff ratings at Baa3 with a stable outlook. It also affirmed AngloGold Ashanti senior unsecured ratings.

“The affirmation of AngloGold Ashanti’s Baa3 rating is based upon the company’s diversification of gold production outside of South Africa, which only represents around 17 percent of group interest, taxes, depreciation and amortisation adjusted for an apportioned share of corporate costs”, said Douglas Rowlings, a Moody’s analyst.

It affirmed the credit ratings of Barloworld, the Fortress Income Fund, Hyprop Investments, Telkom, Imperial Group, and Redefine Properties at Baa3 with a negative outlook.

Investec Bank’s chief economist, Annabel Bishop, said that from an economic perspective, South Africa’s 2017 (April and June) credit rating downgrades were expected to negatively affect domestic confidence measures, with some large corporate fixed investment and consumer expenditure decisions likely being put on hold.

She also said concerns over political and economic policy uncertainty for the future was negatively impacting sentiment.