{"id":7197,"date":"2012-01-19T20:55:46","date_gmt":"2012-01-19T18:55:46","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/text-fitch-asgns-tcta-mokolo-loans-aazaf-rtgoutlook-stable\/"},"modified":"2012-01-19T20:55:46","modified_gmt":"2012-01-19T18:55:46","slug":"text-fitch-asgns-tcta-mokolo-loans-aazaf-rtgoutlook-stable","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/text-fitch-asgns-tcta-mokolo-loans-aazaf-rtgoutlook-stable\/","title":{"rendered":"TEXT-Fitch asgns TCTA Mokolo Loans &#8216;AA+(zaf)&#8217; rtg;outlook stable"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>ESKDY.PK (The following statement was released by the rating agency)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Jan 19 &#8211; Fitch Ratings has assigned TCTA Mokolo Crocodile Water Augmentation Project phase<br \/>\n1&#8217;s (MCWAP-1) debt instruments ratings, as follows:<\/p>\n<p><span><\/span><\/p>\n<p>Term Loans ZAR2.3bn, rated &#8216;AA+(ZAF)&#8217; with Stable Outlook<\/p>\n<p><span><\/span><\/p>\n<p>Commercial Paper ZAR250m, rated &#8216;F1+ (ZAF)&#8217;<\/p>\n<p><span><\/span><\/p>\n<p>Liquidity Facility ZAR200m, rated &#8216;F1+(ZAF)&#8217;<\/p>\n<p><span><\/span><\/p>\n<p>The ratings primarily reflect the role of the flexible tariff. TCTA projects,<br \/>\nincluding MCWAP-1, achieve high ratings (on the National Rating scale) notably<br \/>\nbecause the major risks (construction cost overrun, delay, volume and supply,<br \/>\nfinancial) are covered by the flexible tariff mechanism, which is designed to<br \/>\npass through these risks to the end-users (Eskom, rated &#8216;AAA(zaf)&#8217; and Exxaro,<br \/>\nthrough the Department of Water Affairs). This means the rating is close to that<br \/>\nof the sovereign, as it helps mitigate most of the risks in the project.<\/p>\n<p><span><\/span><\/p>\n<p>There is effectively a high level of government involvement and commitment<br \/>\nthrough the inclusion of Department of Water Affairs (DWA) in the tariff payment<br \/>\nand debt service arrangement.<\/p>\n<p><span><\/span><\/p>\n<p>&#8211;Revenue risks (demand, supply) are fully mitigated through the tariff<br \/>\nadjustments.<\/p>\n<p><span><\/span><\/p>\n<p>&#8211;Operation  maintenance (OM) risks are passed through to DWA, which provides<br \/>\nbetter protection than an unlimited pass-through.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ESKDY.PK (The following statement was released by the rating agency) Jan 19 &#8211; Fitch Ratings has assigned TCTA Mokolo Crocodile Water Augmentation Project phase 1&#8217;s (MCWAP-1) debt instruments ratings, as follows: Term Loans ZAR2.3bn, rated &#8216;AA+(ZAF)&#8217; with Stable Outlook Commercial Paper ZAR250m, rated &#8216;F1+ (ZAF)&#8217; Liquidity Facility ZAR200m, rated &#8216;F1+(ZAF)&#8217; The ratings primarily reflect the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7197","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7197"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7197\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}