Fitch said the upgrade reflects a recalibration of the higher end of the South African national rating scale and the alignment of Denel's ratings with those of the South African sovereign (BBB/BBB+/Stable)‚ reflecting expectation of timely support from the government to service and repay Denel's debts.
"Under Fitch's parent and subsidiary rating linkage methodology‚ the agency deems Denel's legal‚ operational and strategic links with the state of South Africa as strong‚ including‚ in particular‚ the state's irrevocable and unconditional guarantee of a significant portion of Denel's debt‚" Fitch said.
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