Airports Company South Africa’s (ACSA) corporate family rating (CFR) has been lowered to Ba2 from Ba1, with a negative outlook by Moody’s.
The downgrade of the South Africa-based logistics company reflects its reduced cash flows, on the back of the coronavirus disease 2019 (COVID-19).
The crisis is expected to increase the firm’s debt burden and result in a material weakening of credit metrics, with uncertain recovery prospects, according to the rating agency.
Meanwhile, Moody’s has also cut ACSA’snational scale rating to Aa3.za from Aa2.za.