Research Update: South African Utility Rand Water 'A+' Rating Affirmed On Revised GRE Methodology, Off CreditWatch; Outlook Negative Nov 09

Standard & Poors, November 2009

Abstract
We consider South African utility Rand Water a government-related entity under our criteria and assess the likelihood of extraordinary support, if needed, to be "almost certain." We are affirming the 'A+' local currency rating on Rand Water and removing it from CreditWatch. The negative outlook on the local and foreign currency ratings reflects that on the Republic of South Africa. We assess the stand-alone credit profile of Rand Water as 'BBB+'. On Nov. 6, 2009, Standard & Poor's Ratings Services affirmed its 'A+' local currency long-term corporate credit rating on South African utility Rand Water and removed the rating from CreditWatch, where it was placed with negative implications on June 30, 2009. We also affirmed the 'BBB+' foreign currency and...

Companies mentioned in this report are: Rand Water
Action: Affirmed
Action: Removed From CreditWatch

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Rand Water

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