Ratings agency Moody's Investors Service announced today (Tuesday) that it had downgraded the Airports Company South Africa (Acsa) to Baa3 from Baa2. The rating outlook is negative.
Moody’s said in a statement that this followed the downgrade of the rating of the government of South Africa to Baa3 from Baa2 with a negative outlook last Friday.
Recognising that the government owns 75.4% of Acsa, the downgrade “reflects that Moody's would not see Acsa rated higher than the government of South Africa”, said Moody’s in its report.
At the time of publication, Acsa had yet to respond to the news.
