Moody's downgrades Telkom's credit rating following sovereign rating action
Ratings agency Moody’s Investors Service has downgraded telecommunications group Telkom’s corporate family rating to Ba2, from Ba1, with a negative outlook.
This followed Moody’s downgrading of South Africa’s sovereign rating by one notch to Ba2 with a negative outlook on November 20.
“Telkom’s operations and revenues are concentrated in South Africa, and as a result its credit rating is highly correlated to the country’s economic environment,” Telkom said in a statement to shareholders.
“Moody’s notes the company’s strong credit metrics and good liquidity and will monitor Telkom’s performance given the prevailing economic conditions.”
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