Fitch Maintains Airports Company South Africa's Ratings on RWN; Withdraws Ratings
OREANDA-NEWS. Fitch Ratings has maintained Airports Company South Africa's (ACSA) local currency Issuer Default Rating (IDR) of 'BBB', National Long-term rating and domestic medium term note programme (DMTN) of 'AA (zaf)' and National Short-term Rating of 'F1+(zaf)' on Rating Watch Negative (RWN).
Fitch has simultaneously withdrawn the ratings as ACSA has chosen to stop participating in the rating process due to the change in Fitch's regulatory status in South Africa. Therefore, Fitch will no longer have sufficient information to maintain the rating and will accordingly no longer provide ratings or analytical coverage for ACSA.
KEY RATING DRIVERS
The RWN reflects continued uncertainty on price regulation. In May 2015, the regulatory committee (RC) in charge of external oversight and recommendations regarding ACSA's pricing regime recommended a significant price reduction of around 42% for the year ending March 2016. The RC has not yet publicly issued a final decision. Fitch expects any changes to the pricing regime to be implemented during this financial year (ending 31 March 2017).