Moody’s Investors Service, (“Moody’s”) has downgraded Consolidated Infrastructure Group Limited’s (CIG or Group) long term corporate family rating (CFR) to Caa1 from Ba3, the long term national scale CFR to B2.za from Baa1.za and the short term national scale issuer rating to NP.za from P-2.za. Additionally, the short term issuer rating has been affirmed at NP. The outlook has been changed to stable from rating under review.
This concludes Moody’s review of ratings that were announced on 24 November 2017.
The downgrade does not result in the CIG’s existing bank funding lines automatically being reduced or withdrawn and does not create an obligation on CIG to early redeem the notes issued under its DMTN programme.