Moody’s downgrades CIG to Caa1

Moody's Investors Service said it downgraded Consolidated Infrastructure Group Ltd.’s (CIG) long-term corporate family rating to Caa1 from Ba3, long term national scale corporate family rating to B2.za from Baa1.za and short-term national scale issuer rating to NP.za from P-2.za.

The short-term issuer rating was affirmed at NP.

Moody’s said this follows the release of CIG’s year-end results ending Aug. 31, 2017, which resulted in a material deterioration of credit metrics beyond the agency’s expectations as well as leading to an interest cover covenant breach which is currently being discussed with lenders.

The outlook was changed to stable from under review.

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