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Rating Action:

Moody's assigns Ba2/A3.za CFR to CIG; withdraws long term issuer ratings

16 Mar 2017

Johannesburg, March 16, 2017 -- Moody's Investors Service today has assigned a Ba2 long term corporate family rating (CFR) and a A3.za long term CFR national scale rating to Consolidated Infrastructure Group Limited's (CIG or Group), to replace the Ba2 long term issuer rating and A3.za long term national scale issuer rating, previously assigned to the Group. The ratings outlook is stable. Concurrently, Moody's has withdrawn the Ba2 long term issuer rating and A3.za long term national scale issuer rating.

RATINGS RATIONALE

The amended long term rating class description to Corporate Family Rating from long term issuer ratings does not affect CIG's ratings position.

Moody's has withdrawn the ratings for its own business reasons. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

CIG's Ba2/A3.za CFR reflect (1) CIG's position as a leading niche market player in Sub-Saharan Africa, with over 29 years of operating experience in its core business, Conco; (2) its strong market position in most of the sub-sectors in which it operates; (3) a growing order book of ZAR5 billion (US$340 million), creating good visibility for the next 12 to 18 months; and (4) strong energy infrastructure spend fundamentals throughout Africa. In addition, the ratings are also supported by moderate financial metrics with leverage (as measured by adjusted pro forma debt/EBITDA which includes the Conlog acquisition) of 2.4x. All credit metrics and data points are as of the year ended 31 August 2016 and are according to Moody's standard definitions and adjustments.

These considerations are partially offset by (1) the small size of the Group when compared to its larger global peers; (2) the weaker institutional strength (risk of doing business) of the rest of Africa (41% of Group revenue) relative to South Africa; (3) reliance on key customers within its Conco operations (the top ten customers represent 51% of the pipeline); (4) cyclical operating environment experienced by its building divisions (11% of Group revenues); and (5) exposure to contingent liabilities totalling ZAR1.9 billion in the form of outstanding performance guarantees, although Moody's acknowledges that over the last 29 years no performance guarantees have been exercised by a customer.

The stable outlook reflects Moody's view that CIG will continue to maintain its current operating profile in terms of EBITDA margins and manage working capital demands in the face of a more challenging economic environment, sustain a healthy order book going forward and continue to maintain a sound liquidity profile at all times.

CIG's liquidity is expected to remain solid over the next 12 to 18 months, supported by a sizeable cash balance of ZAR596 million; unutilised committed liquidity facilities of ZAR704 million; and internal cash flow generation. These sources comfortably address CIG's relatively low debt-repayment profile, capital expenditure requirements and higher working capital demands, which are driven by the short-term cash requirements of its growing project pipeline.

FACTORS THAT COULD LEAD TO AN UPGRADE

• CIGs track record as a rated entity builds

• CIG significantly improves in terms of size and sector diversification

• Client concentration exposure reduces

• Evidence that financial performance under more challenging operating conditions is maintained

FACTORS THAT COULD LEAD TO A DOWNGRADE

• Leverage in terms of gross debt/EBITDA exceeding 3.0x and/or EBIT/Interest expense falling below 3.0x, both on a sustainable basis

• Free cash flow-to-gross debt is negative

• Unexpected operating difficulties that negatively affect operational performance or cash flows

• CIGs liquidity profile deteriorating

The principal methodology used in these ratings was Construction Industry published in November 2014. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1060333.

Glossary of Terms and Acronyms

Capital Expenditures or Capex: This includes gross expenditures for property, plant and equipment and intangible assets.

Corporate Family Rating: Moody's Corporate Family Ratings (CFRs) are long-term ratings that reflect the likelihood of a default on a corporate family's contractually promised payments and the expected financial loss suffered in the event of default. A CFR is assigned to a corporate family as if it had a single class of debt and a single consolidated legal entity structure.

Credit Rating: A Credit Rating is an opinion from Moody's Investors Service (MIS) regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories.

Debt: Long term debt (including liability for capital leases) plus short term debt plus current portion of long term debt. May also be adjusted to include other long term obligations, such as leases and pensions.

EBIT: Pre-tax income plus interest.

EBITDA: EBIT plus depreciation plus amortisation of intangible assets. EBITA and EBITDA may be used as an indication of earnings available to service debt and capital expenses.

Issuer: The term Issuer means any entity by which a Security has been issued, guaranteed, or by which the credit underlying a Security has been otherwise supported. The term Issuer also includes the corporate parent or majority-owned subsidiary of an Issuer.

Issuer Rating: Issuer Ratings are opinions of the ability of entities to honor senior unsecured financial counterparty obligations and contracts.

National Scale Long Term Rating: Moody's long-term National Scale Ratings (NSRs) are opinions of the relative creditworthiness of issuers and financial obligations within a particular country. NSRs are not designed to be compared among countries; rather, they address relative credit risk within a given country.

National Scale Short Term Rating: Moody's short-term NSRs are opinions of the ability of issuers in a given country, relative to other domestic issuers, to repay debt obligations that have an original maturity not exceeding one year. Short term NSRs in one country should not be compared with short-term NSRs in another country, or with Moody's global ratings.

Outlook: An Outlook is an opinion regarding the likely direction of an issuer's rating over the medium term.

Rating Outlook: A Moody's rating outlook is an opinion regarding the likely rating direction over the medium term. Rating outlooks fall into four categories: Positive (POS), Negative (NEG), Stable (STA), and Developing (DEV). Outlooks may be assigned at the issuer level or at the rating level.

Withdrawn: When Moody's no longer rates an obligation on which it previously maintained a rating, the symbol WR is employed.

For further information on these definitions or on Moody's ratings symbols, please consult the Rating Symbols and Definitions document on www.moodys.com

REGULATORY DISCLOSURES

First Release Rating Date and Last Credit Rating Action Date

The rating for MDY: 823102129, NSR LT Issuer Rating, ISSUER RATING, ZAR of Consolidated Infrastructure Group Limited was initially assigned on 9 Mar 2012 and the last Credit Rating Action was taken on 11 May 2016.

The rating for MDY: 823102129, LT Issuer Rating, ISSUER RATING of Consolidated Infrastructure Group Limited was initially assigned on 11 May 2016 and the last Credit Rating Action was taken on 11 May 2016.

Only credit rating actions issued by Moody's Investors Service South Africa (Pty) Ltd are considered for the purpose of this disclosure.

Please see the ratings tab on the issuer page on www.moodys.com for additional rating history details. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. On this basis, the rated entity or its agent(s) is considered to be a participating entity. The rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process.

The main assumptions underlying the methodology used to determine the credit ratings are:

1) Expected future trends for the relevant industry(ies) structure, competitive dynamics, supply & demand, regulatory environment, and technology are assumed to be predictive for the likelihood of default and expected loss.

2) Expectations for competitive/market position and management's capabilities and approach to business and financial risks are assumed to be predictive for the likelihood of default and expected loss.

3) Indicators for profitability, interest coverage, and asset quality are assumed to be predictive for the likelihood of default and expected loss, and the rating category criteria are believed to be appropriate.

4) Indicators for cash flow generation, leverage, and debt coverage are assumed to be predictive for the likelihood of default and expected loss, and the rating category criteria are believed to be appropriate.

5) Expectations for legal, regulatory, liquidity, and financial market risks, mergers/acquisitions and recapitalization events, integrity of financial reporting, corporate governance, and the likelihood and nature of support or weakening influence from a parent, affiliate, government or financial party are assumed to be predictive for the likelihood of default/expected loss.

Information sources used to prepare the ratings are the following: parties involved in the rating, parties not involved in the rating, public information and confidential and proprietary Moody's information.

Information types used to prepare the ratings include the following: Financial data, Historical performance data, Public information, Moody's information and Regulatory filings.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable, including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process. The information available and considered in determining the credit rating is of appropriate quality relative to that available for similar obligors, securities or money market instruments.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating. Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

The ratings have been disclosed to the rated entity prior to public dissemination.

Credit ratings are Moody's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities rated by Moody's. Moody's defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: market liquidity risk, market value risk, or price volatility. Credit ratings are not statements of current or historical fact. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. Credit ratings do not comment on the suitability of an investment for any particular investor. Moody's issues its credit ratings with the expectation and understanding that each investor will make its own study and evaluation of each security that is under consideration for purchase, holding, or sale.

Credit ratings incorporate Moody's macroeconomic outlook and its implications on key variables that may include but not be limited to interest rates, inflation, economic growth, unemployment, performance of counterparties, credit availability, sector level changes in competitive conditions, supply/demand and margins, and issuer specific changes in capital structure, competitive positioning, governance, risk profile, and liquidity. Unexpected changes in such variables may lead to changes in the credit rating level, potentially by several notches. Further information on the sensitivity of the rating to specific assumptions is included in this disclosure.

The sensitivity to assumptions for the credit ratings are:

1) If Moody's assumptions for the relevant industry(ies) structure, competitive dynamics, supply & demand, regulatory environment, and technology are materially worse (better) than actual future results, this could result in positive (negative) implications for the rating.

2) If Moody's assumptions for competitive/market position and management's capabilities and approach to business and financial risks are materially worse (better) than actual future results, this could result in positive (negative) implications for the rating.

3) If Moody's assumptions about profitability, interest coverage, and asset quality are materially lower (higher) than actual future results, this could result in positive (negative) implications for the rating.

4) If Moody's assumptions about cash flow generation, leverage, and debt coverage are materially lower (higher) than actual future results, this could result in positive (negative) implications for the rating.

5) If Moody's assumptions about legal, regulatory, liquidity, and financial market risks, mergers/acquisitions and recapitalization events, integrity of financial reporting, corporate governance, and the likelihood and nature of support or weakening influence from a parent, affiliate, government or financial party are materially worse (better) than actual future results, this could result in positive (negative) implications for the rating.

Please see Moody's Rating Symbols and Definitions on the Ratings Definitions page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Moody's credit ratings are opinions of the relative credit risk of financial obligations translating into an ordinal ranking of issuers and financial obligations across asset classes and geographies. As such, no absolute probability of default nor expected loss given default is assigned to each individual credit rating. Please refer to the following link for an index of Moody's default studies. Guides to Moody's Default Research.

Please see Moody's Rating Symbols and Definitions on the Ratings Definitions page on www.moodys.com for further information on the time horizon in which a credit rating action may be expected after a review or outlook action took place.

I hereby attest, as a person with responsibility for this Credit Rating Action, that to the best of my knowledge, based on (i) my participation in the rating committee that determined to take this Credit Rating Action, (ii) any materials I have reviewed in connection with the rating committee, and (iii) the attestations I have received from other members of the rating committee:

1) No part of this Credit Rating Action was influenced by any other business activities of Moody's Corporation-- i.e., this Credit Rating Action was not affected by the existence of, or potential for, other business relationships between Moody's Investors Service or its affiliates and the Rated Entity or its affiliates, or the non-existence of any such relationships;

2) This Credit Rating Action was based solely on the merits of the obligor(s), security(ies) or instrument(s) being rated; and

3) This Credit Rating Action was an independent evaluation of the credit risk of the obligor(s), security(ies), or instrument(s) assessed in this Credit Rating Action and is subject to the potential limitations of the Credit Ratings disclosed with this Credit Rating Action.

David Staples, MD-Corporate Finance

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Dion Bate
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service South Africa (Pty) Ltd.
The Forum
2 Maude Street
2196 Sandton
Johannesburg
South Africa
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

David G. Staples
MD - Corporate Finance
Corporate Finance Group
Telephone: 00971 4237 9536

Releasing Office:
Moody's Investors Service South Africa (Pty) Ltd.
The Forum
2 Maude Street
2196 Sandton
Johannesburg
South Africa
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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