OREANDA-NEWS. Fitch Ratings has upgraded the National Long- term Ratings of Namibian Ports Authority, Namibian Water Corporation, Namibia Power Corporation and Telecom Namibia Limited. A full list of rating actions is below.

KEY RATING DRIVERS
The rating actions follow the upgrade of Namibia to 'AA+(zaf)' from 'AA-(zaf)' (see 'Fitch Upgrades Namibia's National Rating to 'AA+(zaf)'; Outlook Stable'; dated 18 December 2015 at www.fitchratings.com). This upgrade followed the recalibration of the South African National rating scale in the wake of Fitch's downgrade of South Africa's Long-term local currency IDR to 'BBB' from 'BBB+' on 4 December 2015. National rating scales provide a relative measure of creditworthiness for rated entities only within the country concerned and are mapped against the international local currency rating scale for that country.

The upgraded entities are all state-owned corporates, which are rated on a top-down basis in accordance with Fitch's Parent and Subsidiary Rating Linkage Criteria.

The rating actions are as follows:
Namibian Ports Authority
National Long-term rating upgraded to 'AA+(zaf)' from 'AA-(zaf)'; Outlook Stable
National Short-term rating affirmed at 'F1+(zaf)'.
(See 'Fitch Upgrades NamPort to 'AA-(zaf)'; Outlook Stable' dated 22 June 2015 at www.fitchratings.com for Key Rating Drivers and Rating Sensitivities).

Namibian Water Corporation
National Long-term rating upgraded to 'AA+(zaf)' from 'AA-(zaf)'; Outlook Stable
National Short-term rating affirmed at 'F1+(zaf)'
National senior unsecured rating upgraded to 'AA+(zaf)' from 'AA-(zaf)'
(See 'Fitch Rates NamWater's NAD200m Senior Unsecured Bonds 'BBB'; dated 15 May 2015 at www.fitchratings.com for Key Rating Drivers and Rating Sensitivities).

Namibian Power Corporation (Pty) Ltd
National Long-term rating upgraded to 'AA+(zaf)' from 'AA-(zaf)'; Outlook Stable
National Short-term rating affirmed at 'F1+(zaf)'
(See 'Fitch Affirms NamPower at 'BBB-'; Stable Outlook' dated 21 April 2015 at www.fitchratings.com for Key Rating Drivers and Rating Sensitivities).

Telecom Namibia Limited
National Long-term rating upgraded to 'A+(zaf)' from 'A-(zaf)'; Outlook Stable
(See 'Fitch Affirms Telecom Namibia at 'BB+'; Outlook Stable' dated 25 September 2015 at www.fitchratings.com for Key Rating Drivers and Rating Sensitivities).

All other ratings of the affected entities remain unchanged.