London, 13 June 2017 -- Moody's Investors Service has taken rating actions on five South African
corporates.
Today's rating actions on five South African corporates follow the weakening
of the South African government's credit profile, as captured by
Moody's similar rating action on the sovereign rating on 9 June 2017.
For further information, refer to the sovereign press release https://www.moodys.com/research/-PR_367769.
Moody's downgraded to Baa3 from Baa2 the senior unsecured ratings
and change the outlook to negative from ratings under review of:
• Transnet SOC Ltd.
Moody's has affirmed the Baa3 long-term issuer ratings and
changed the outlook to negative from stable of:
• Imperial Group Ltd
• Redefine Properties Limited
Moody's has affirmed the Baa3 long-term issuer rating and
maintained the stable outlook:
• Naspers Limited
The respective national scale ratings assigned to the above corporates
as well as Anglo American SA Finance Limited were affected by the revised
national scale mapping table for South Africa.
A complete list of rating actions can be found at the end of this press
release.
RATINGS RATIONALE
-- DOWNGRADE TO Baa3 THE SENIOR UNSECURED RATINGS OF TRANSNET;
CHANGE OF OUTLOOK TO NEGATIVE FROM RATING UNDER REVIEW
The downgrade of the senior unsecured ratings and change of outlook on
the ratings of Transnet SOC Ltd. (Transnet) follows the downgrade
and change of outlook on the South African government sovereign rating
to Baa3/ negative and reflects the credit linkages of Transnet with the
South African economy and its material exposure to the domestic operating
environment.
The negative outlook reflects the uncertainty surrounding political developments
in South Africa that has translated into depressed consumer and business
confidence which flows through to lower growth prospects for Transnet.
TRANSNET SOC LTD.
Transnet SOC Ltd.'s ("Transnet" or "company") Baa3 rating comprises
Moody's view of the fundamental credit quality of Transnet represented
by a Baseline Credit Assessment ("BCA") of baa3, combined with the
strong linkage between Transnet and the South African government as reflected
by our assumptions of "very high" dependence on and "high" support from
government. Transnet's ratings and outlook are in line with
the government of South Africa's bond rating of Baa3 with a negative outlook.
The BCA of baa3 reflects (1) Transnet's monopoly ownership and operation
of the South African railway infrastructure and freight services,
which are consistently profitable; (2) its ownership of South Africa's
eight seaports and operations of a large part of South Africa's stevedoring
services, together with its operation of the strategically important
hydrocarbon pipelines; (3) its significant medium term capital expenditure
programme, required to maintain and upgrade its infrastructure assets;
(4) good profitability but weakening credit metrics as reflected by increasing
debt leverage and interest coverage ratios; and (5) management's
track record of executing on its capital investment strategy.
Against the backdrop of Transnet's significant capital expenditure programme,
we will continue to closely monitor the impact of current economic conditions
on the company, particularly if volumes decelerate or decline.
In our view, the key credit factors that will impact Transnet's
standalone credit profile over the next few years are (1) the execution
of its capital expenditure programme in the context of maintaining conservative
financial discipline; (2) potential increase in debt that will be
needed to meet the large capital expenditure plans outside of its Market
Demand Strategy (MDS); and (3) tariffs that Transnet will be able
to charge to recover the cost of such increased capital spending.
Moody's expects that Transnet will only commit to capital expenditure
that will earn the company a sufficient return on assets to support its
funding requirements.
-- AFFIRMATION OF Baa3 ISSUER RATINGS OF IMPERIAL GROUP
AND REDEFINE PROPERTIES WITH A NEGATIVE OUTLOOK
The change of outlook on the ratings of Imperial Group Ltd and Redefine
Properties Limited follows the change of outlook on the Baa3 sovereign
rating of South Africa and reflects the credit linkages of these corporates
with the South African economy and their material exposure to the domestic
operating environment. The negative outlook reflects the uncertainty
surrounding political developments in South Africa that has translated
into depressed consumer and business confidence which flows through to
lower growth prospects for these corporates that operate within South
Africa.
IMPERIAL GROUP LTD
Imperial Group Ltd's ("Imperial" or "Group") Baa3/ Aa1.za long-term
issuer ratings continue to be based on Moody's perception of the Group's
business risk profile, combined with its level of debt protection
ratios, and its diversified business structure, which mitigates
its complex organization structure. The ratings also recognise
Imperial's high concentration to South Africa, contributing 56%
of revenues and 63% of operating profit for the last 12 months
(LTM) to 31 December 2016. Imperial's long history and solid reputation
in South Africa, its track record of growth, its strong market
position and quality of management also support its ratings. Furthermore,
the rating factors Imperial's ongoing conservative financial policies
and its inherent exposure to currency volatility. While credit
metrics remain within rating guidance, the declining trend in metrics
has eroded the headroom within Imperial's Baa3 rating category.
We anticipate that management will respond and take measures to stabilise
the decline in the credit metrics.
REDEFINE PROPERTIES LIMITED
Redefine Properties Limited's ("Redefine" or the company) Baa3/Aa1.za
long-term issuer ratings are underpinned by a material growth of
its property portfolio over the past 18 months within South Africa as
well as more recently into Europe and Australia. The sizable portfolio
of predominantly directly held South African properties (80% of
property assets) has moderate and relatively stable occupancy rates of
94.5%, that produced high EBITDA margins. The
rating is also supported by a well-diversified property portfolio
across key sectors in office, industrial and retail with local and
offshore property (direct and indirect) exposures in South Africa,
United Kingdom, Poland and Australia.
The rating is however constrained by (1) the portfolio's predominant
exposure to South Africa; (2) the more complex organisational and
reporting structure; (3) a moderate fixed charge cover of 2.9x;
and (4) increasing total debt to gross assets ratio (leverage) of 37.4%,
which is anticipated to increase towards 40%. Further key
constraints on the ratings include the large proportion of secured debt
in the company's capital structure, which represents 68%
of total debt; and the high level of encumbered assets to gross assets.
All data points and credit metrics are as of last 12 months to 28 February
2017 and are according to Moody's standard definitions and adjustments.
-- AFFIRMATION OF Baa3 ISSUER RATINGS OF NASPERS WITH A
STABLE OUTLOOK
NASPERS LIMITED
Naspers Limited's (Naspers or the Group) Baa3 global, local currency
issuer rating reflects its leading market positions across a range of
diversified media subsectors and geographies. The rating also takes
into account the Group's dominant video entertainment market position
in South Africa. Moreover, the rating is underpinned by the
financial flexibility provided by Naspers' holdings in publicly quoted
entities such as Tencent Holdings Limited (A2 positive); Mail.ru
Group (not rated) and MakeMyTrip (not rated), whose material value
and dividend streams are a key source of cash flow and liquidity.
Naspers' rating is supported by financial policies that include (1) ensuring
it has sufficient cash flows from its listed investments, profitable
e-commerce operations and South African video entertainment and
print businesses to meet the Group's debt and operating expenditures;
(2) maintaining a strong liquidity profile; and (3) active portfolio
optimisation through disposals and a disciplined approach to investments.
However, the Baa3 rating is constrained by (1) the Group's high
asset concentration given Tencent's material value; (2) execution
risks associated with its ecommerce investment strategy; and (3)
its business risks arising from its position as an emerging market operator.
In addition, Naspers' rating is constrained by its complex organisational
structure as debt service is predominantly reliant on cash flows generated
by entities that have other shareholders.
The stable outlook reflects our view that Naspers operations are globally
diversified with 77% of economic revenues derived outside of its
home market South Africa and over 90% of its asset value comes
from Tencent in China (A1 stable). The stable outlook reflects
our expectation that Naspers will continue to hold dominant market positions
across video entertainment and classified operations; its ecommerce
business will continue to report improving profitability and there is
no material devaluation of its listed investments. Furthermore,
we expect the Group to pursue prudent investment and financial policies
and maintain its strong liquidity profile.
-- RAISED TO (P)Aa2.za NATIONAL SCALE RATINGS OF
ANGLO AMERICAN SA FINANCE DMTN PROGRAMME; WITH A POSITIVE OUTLOOK
ANGLO AMERICAN SA FINANCE LIMITED
Anglo American SA Finance Limited is an indirect 100% owned financial
subsidiary of Anglo American plc (Ba1 positive). The (P)Ba1/(P)NP
global scale rating assigned to the debt issuance programme of the South
African subsidiary reflect its position as an issuer under the South African
DMTN programme of the group, guaranteed by the holding company Anglo
American plc. The programme's NSR was raised to (P)Aa2.za
from (P)A1.za. The outlook remains positive.
WHAT COULD CHANGE THE RATINGS UP/DOWN
TRANSNET SOC LTD.
An upgrade is unlikely at this time given the credit linkages that exist
between the government of South Africa's sovereign creditworthiness
and that of Transnet; and our expectations that Transnet's
capital expenditure programme and sizable funding needs will result in
a sustained high level of leverage as defined by debt/EBITDA and negative
free cash flow. Over the medium-term, the key requirements
for positive rating pressure would be a clear path towards positive free
cash flow generation and material deleveraging.
Moody's could consider downgrading Transnet's ratings in the
event of a downgrade of the government of South Africa's bond rating,
given the rating agency's assessment of the strong linkage between
the two. Moody's could also lower Transnet's BCA if
the company does not deliver sufficient growth in funds from operations
(FFO) to offset its debt-funded capital expenditures, such
that consolidated FFO/debt is sustainably below 10%; or (FFO
+ interest expense)/interest expense is below 2.0x on a sustained
basis.
Such a failure to deliver could arise if Transnet's volumes were
to fall due to the return of poor trade conditions that tariff rises were
unable to offset; and/or Transnet were to embark on a debt-financed
capital expenditure programme that was not matched by accompanying demand
and growing operating cash flows.
Furthermore, Transnet's financial policies and operating performance
may be challenged in the next 12 to 18 months by government policies to
support or stimulate economic growth and address high unemployment;
and a continued weak economic environment, which could constrain
Transnet's revenue growth.
IMPERIAL GROUP LTD
We do not expect any further upward rating action as Imperial's rating
is likely to be constrained at the same level as South Africa's government
bond rating given the bulk of Imperial's cash flows and operational exposure
are derived in South Africa and the rest of Africa.
Subject to the government of South Africa's bond rating, Moody's
would consider an upgrade if Imperial were able to (1) materially grow
its offshore operations into markets with stronger credit profiles relative
to South Africa; (2) maintain a retained cash flow to net debt ratio
above 25%, on a sustainable basis; (3) maintain stable
and improving operating margins; and (4) achieve increased debt protection
levels, such that Imperial's (funds from operations +
interest expense)/interest expense were to exceed 4.0x on a sustainable
basis.
Negative pressure could be exerted on the ratings or outlook of Imperial
as a result of (1) downgrade of the government of South Africa's
bond rating; (2) weakness in Imperial's operating performance,
resulting in lower debt protection measures, with (funds from operations
+ interest expense)/interest expense sustainably below 4.0x,
or lower operating margins; (3) an average retained cash flow/net
debt ratio that trends below 20% on a prospective basis,
considering past and expected future performance; (4) debt protection
measures weakening; and (5) a failure to adjust financial policies
and cost structure such that Imperial generates positive free cash flow
on a sustained basis through conservative capital expenditure and adjusted
shareholder remuneration policies.
REDEFINE PROPERTIES LIMITED
We do not expect any further upward rating action as Redefine's rating
is likely to be constrained at the same level as South Africa's government
bond rating given the bulk of Redefine's cash flows and property exposure
are derived in South Africa.
Any positive rating action would further depend on strengthening financial
metrics such that (1) portfolio size and diversification materially improves;
(2) good track record as a rated entity; (3) consistent credit metrics,
maintaining leverage, defined as adjusted total debt/gross assets,
sustainably below 35% and fixed charge coverage above 3.0x
on a sustained basis; and (4) ratio of secured debt/property assets
falls below 25%.
Downward pressure may result if (1) the government of South Africa's
credit rating is downgraded; (2) adjusted total debt/gross assets
exceeds 40% on a sustained basis; (3) fixed charge coverage
trends below 2.5x; (4) ratio of secured debt/property assets
remains above 30%; (5) unexpected difficulties integrating
acquisitions arise, having a negative impact on the operational
performance or cash flows of the company and (6) Deterioration of Redefine's
liquidity risk profile.
NASPERS LIMITED
Upward pressure on Naspers' rating is limited given its high investment
concentration and dependency on Tencent. However, we could
consider an upgrade based on (1) broader diversification of portfolio
in terms of value and income streams from its investments; (2) clarity
on financial policies that support higher ratings; and (3) improvement
in interest cover, such that (FFO +Interest expense)/ Interest
expense is above 3.0x on a sustainable basis.
Negative pressure on the rating could develop if (1) the value of Naspers'
stake in Tencent Holdings Limited and Mail.ru (or similar associate
investments) weakens materially or the ability of these investments to
declare dividends in line with historical trends is adversely impacted;
(2) credit quality of core holdings weakens to the extent operating cash
flows are adversely impacted; (3) failing to maintain a strong liquidity
profile and cash buffer to meet approaching interest and principal payments;
and (4) in the absence of a strong liquidity profile a (FFO +Interest
expense)/Interest expense is below 2.0x.
ANGLO AMERICAN SA FINANCE LIMITED
The ratings of Anglo American plc could be upgraded following a (1) sustained
improvement in the leverage profile, with debt/EBITDA at or below
2.5x and (CFO-Dividend) / debt in high-20s percentage
level; (2) strong liquidity position; or (3) strong financial
position, backed by a financial policy which supports an expectation
of positive FCF generation amid a number of commodity price scenarios.
While unlikely in the short term, a reversal of the deleveraging
trend, resulting in Anglo American plc sustaining higher level of
leverage with debt/EBITDA sustainably higher than 3.5x, would
put a negative pressure on the Ba1 ratings.
List of affected ratings:
Raised:
..Issuer: Anglo American SA Finance Limited
....NSR Backed Senior Unsecured Medium-Term
Note Program, Raised to (P)Aa2.za from (P)A1.za
....NSR Backed Senior Unsecured Regular Bond/Debenture,
Raised to Aa2.za from A1.za
..Issuer: Imperial Group Ltd
.... NSR Backed LT Issuer Rating, Raised
to Aa1.za from Aa3.za
.... NSR Backed Subordinated Medium-Term
Note Program, Raised to (P)Aa3.za from (P)A2.za
.... NSR Backed Senior Unsecured Medium-Term
Note Program, Raised to (P)Aa1.za from (P)Aa3.za
.... NSR Backed Senior Unsecured Regular Bond/Debenture,
Raised to Aa1.za from Aa3.za
..Issuer: Redefine Properties Limited
.... NSR LT Issuer Rating, Raised to
Aa1.za from Aa2.za
.... NSR Senior Unsecured Medium-Term
Note Program, Raised to (P)Aa1.za from (P)Aa2.za
Affirmations:
..Issuer: Naspers Limited
.... LT Issuer Rating, Affirmed Baa3
..Issuer: Myriad International Holdings B.V.
....Backed Senior Unsecured Regular Bond/Debenture,
Affirmed Baa3
..Issuer: Imperial Group Ltd
.... Backed ST Issuer Rating, Affirmed
P-3
.... Backed LT Issuer Rating, Affirmed
Baa3
.... NSR Backed ST Issuer Rating, Affirmed
P-1.za
.... Backed Subordinated Medium-Term
Note Program, Affirmed (P)Ba1
.... Backed Senior Unsecured Medium-Term
Note Program, Affirmed (P)Baa3
.... Backed Senior Unsecured Regular Bond/Debenture,
Affirmed Baa3
..Issuer: Redefine Properties Limited
.... ST Issuer Rating, Affirmed P-3
.... LT Issuer Rating, Affirmed Baa3
.... NSR ST Issuer Rating, Affirmed
P-1.za
....Senior Secured Conv./Exch.
Bond/Debenture, Affirmed Baa3
....NSR Senior Unsecured Medium-Term
Note Program, Affirmed (P)P-1.za
....Senior Unsecured Medium-Term Note
Program, Affirmed (P)P-3
....Senior Unsecured Medium-Term Note
Program, Affirmed (P)Baa3
..Issuer: Transnet SOC Ltd.
....NSR Subordinated Medium-Term Note
Program, Affirmed (P)Aa3.za
....NSR Senior Unsecured Medium-Term
Note Program, Affirmed (P)Aa1.za
....NSR Senior Unsecured Medium-Term
Note Program, Affirmed (P)P-1.za
Downgrades:
..Issuer: Transnet SOC Ltd.
....ST Issuer Rating, Downgraded to
P-3 from P-2, on review for downgrade
....Senior Unsecured Medium-Term Note
Program, Downgraded to (P)P-3 from (P)P-2, on
review for downgrade
....Subordinated Medium-Term Note Program,
Downgraded to (P)Ba1 from (P)Baa3, on review for downgrade
....Senior Unsecured Medium-Term Note
Program, Downgraded to (P)Baa3 from (P)Baa2, on review for
downgrade
....Senior Unsecured Bank Credit Facility,
Downgraded to Baa3 from Baa2, on review for downgrade
....Senior Unsecured Commercial Paper,
Downgraded to P-3 from P-2, on review for downgrade
....Senior Unsecured Regular Bond/Debenture,
Downgraded to Baa3 from Baa2, on review for downgrade
....Backed Senior Unsecured Regular Bond/Debenture,
Downgraded to Baa3 from Baa2, on review for downgrade
Outlook Actions:
..Issuer: Anglo American SA Finance Limited
....Outlook, Remains Positive
..Issuer: Naspers Limited
....Outlook, Remains Stable
..Issuer: Myriad International Holdings B.V.
....Outlook, Remains Stable
..Issuer: Imperial Group Ltd
....Outlook, Changed To Negative From
Stable
..Issuer: Redefine Properties Limited
....Outlook, Changed To Negative From
Stable
..Issuer: Transnet SOC Ltd.
....Outlook, Changed To Negative From
Rating Under Review
PRINCIPAL METHODOLOGIES
The principal methodology used in rating Anglo American SA Finance Limited
was Global Mining Industry published in August 2014.
The principal methodology used in rating Redefine Properties Limited was
Global Rating Methodology for REITs and Other Commercial Property Firms
published in July 2010.
The principal methodology used in rating Imperial Group Ltd was Global
Surface Transportation and Logistics Companies published in May 2017.
The methodologies used in rating Transnet SOC Ltd. were Global
Surface Transportation and Logistics Companies published in May 2017,
and Government-Related Issuers published in October 2014.
The principal methodology used in rating Naspers Limited and Myriad International
Holdings B.V. was Investment Holding Companies and Conglomerates
published in December 2015.
Please see the Rating Methodologies page on www.moodys.com
for a copy of these methodologies.
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.
The Local Market analyst for Naspers Limited, Myriad International
Holdings B.V., Imperial Group Ltd, Transnet
SOC Ltd. and Redefine Properties Limited is Dion Bate, +27
(112) 175-472.
TRANSNET SOC LTD.
Transnet SOC Ltd. is a state-owned limited liability company,
operating the main port capacity, the national rail network and
freight railways, and the multi-product hydrocarbon pipeline
network of South Africa. All activities for the LTM to 30 September
2016 were profitable, with rail activities accounting for 54%
of group EBITDA as reported (excluding intercompany eliminations and specialist
units), ports for 35%, and the pipeline business for
11%.
Transnet is wholly owned by the government of South Africa (Baa3 negative),
and the company's Memorandum of Incorporation restricts Transnet from
disposing of (1) the whole or substantially the whole of the undertaking
of Transnet; or (2) the whole or the greater part of the assets of
Transnet, without prior approval of the Minister of Public Enterprises.
As long as the government of South Africa is the majority shareholder
of the company, the Directors of Transnet are not entitled to apply
for the winding up of Transnet without the approval of the Minister of
Public Enterprises and the Minister of Finance.
IMPERIAL GROUP LTD
Imperial Holdings Ltd is the largest private sector transport and mobility
group in South Africa. Established in 1948, Imperial operates
in Africa, the UK, Europe, USA and Australia.
Imperial's core activities include services relating to transportation
and mobility. In their broader context these activities include
logistics, car rental, motor vehicle dealerships and distributorships,
aftermarket parts as well as financial services. Going forward
Imperial will be restructuring its business into two groupings,
Imperial Vehicles and Imperial Logistics.
REDEFINE PROPERTIES LIMITED
Redefine Properties Limited is one of the largest commercial real estate
investment trust (REIT) listed on the Johannesburg Stock Exchange (JSE)
in South Africa by total reported assets, ZAR91.9 billion
($7 billion) as at 28 February 2017. Its activities include
direct investments in property assets (ZAR68.8 billion or $5.3
billion), as well as investments in the listed securities of other
commercial property investment companies totalling ZAR15.3billion
($1.2 billion). Redefine's offshore property exposure
is held through its investments in Redefine International Plc (RI Plc,
29.8%) in the UK; Cromwell Property Group (Cromwell,
25.5%) and Northpoint Tower (50% joint venture) in
Australia; and its investment in Echo Polska Properties (39.5%).
NASPERS LIMITED
Naspers Limited is a diversified media company with a core focus on video
entertainment, print media, ecommerce (classifieds,
retail, marketplace, travel, payments and ventures)
and internet (Tencent and Mail.ru) activities. By geography,
the Group's main operations are located in South Africa, with a
growing presence across Sub-Saharan Africa, Central and Eastern
Europe and other emerging markets such as Brazil, Russia,
India and China. Incorporated in 1915, Naspers has a 100-year
history in the media industry and has recently expanded its focus to gradually
bridge the gap between traditional and new media platforms.
ANGLO AMERICAN SA FINANCE LIMITED
Anglo American SA Finance Limited is a 100% owned subsidiary of
Anglo American plc, which is headquartered in the UK and listed
on the London and Johannesburg stock exchanges, Anglo American plc
(Anglo is a global diversified mining company). In 2016,
the group reported sales of $21.5 billion (excluding associates).
Its mining portfolio comprises precious metals (platinum, diamonds),
bulk commodities (coal, iron ore) and base metals (copper).
REGULATORY DISCLOSURES
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.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead rating analyst and the Moody's legal entity that has issued
the ratings.
The person who approved Naspers Limited, Myriad International Holdings
B.V., Imperial Group Ltd, Transnet SOC Ltd.
and Redefine Properties Limited credit ratings is David Staples,
MD-Corporate Finance, Corporate Finance Group, Journalists
44 20 7772 5456, Subscribers 44 20 7772 5454.
The person who approved Anglo American SA Finance Limited credit ratings
is Anke Richter, Associate Managing Director, Corporate Finance
Group, Journalists 44 20 7772 5456, Subscribers 44 20 7772
5454.
The relevant office for each credit rating is identified in "Debt/deal
box" on the Ratings tab in the Debt/Deal List section of each issuer/entity
page of the website.
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.
Ramzi Kattan
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
David G. Staples
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
