Fitch rates Airports Co. South Africa BBB

Fitch Ratings said it assigned a long-term local-currency issuer default rating of BBB to Airports Co. South Africa Ltd.

The outlook is stable.

Fitch also affirmed its national long-term rating and ZAR 30 billion domestic medium-term note program rating at AA-(zaf) and revised the outlook to stable from positive. The national short-term rating also was affirmed at F1+(zaf).

The agency said it expects the company's financial performance to stabilize over the next three years and the company to deleverage smoothly, against a backdrop of modest investment plan for the next five years and increased visibility on aeronautical tariffs until 2015.

However, recent adverse developments for traffic performance, the economic environment in South Africa and the aviation market have lowered the level of confidence embedded in the agency's projections, Fitch added.

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