OREANDA-NEWS. Fitch Ratings has downgraded the Long-Term Local Currency Issuer Default Ratings (IDR) of two South African and two Namibian corporates. The agency has also taken action on the National Long-Term Ratings of four South African and two Namibian corporates rated on the South African National Scale, following a recalibration of the scale.

The rating actions follow Fitch's downgrade of South Africa's and Namibia's Long-Term Local Currency IDRs to 'BBB-' from 'BBB'. These actions were driven by a change in Fitch's sovereign rating criteria. For more details see 'Fitch Applies Criteria Changes to Global Sovereign Ratings' dated 22 July 2016 at www. fitchratings. com.

For each issuer's Key Rating Drivers, Rating Sensitivities and Key Assumptions see the recent rating action commentaries (RACs), referenced below.

Eskom Holdings SOC Ltd

Long-Term Local Currency IDR downgraded to 'BBB-' from 'BBB'; Outlook Stable.

National Long Term Rating affirmed at 'AAA(zaf)'; Outlook Stable

National Short Term Rating affirmed at 'F1+(zaf)'

Local currency senior unsecured rating downgraded to 'BBB-' from 'BBB'

Eskom Holdings SOC Ltd's ratings are equalised with those of the company's South African sovereign parent and the downgrade follows the downgrade of the South African sovereign. Following the recalibration of the South African National Scale the issuer's National Ratings have been affirmed.

See 'Fitch Downgrades Eskom SOC to 'BBB'; Outlook Stable' dated 11 December 2015 at www. fitchratings. com for full rating rationale and disclosures.

MTN Group Limited

National Long-Term Rating upgraded to 'AA(zaf)' from 'AA-(zaf)'

National Short-Term Rating affirmed at 'F1+(zaf)'

Long-Term Foreign Currency IDR unaffected at 'BBB-'; Outlook Stable

MTN Holdings (Pty) Limited guaranteed bond rating upgraded to 'AA(zaf)' from 'AA-(zaf)'

See 'Fitch Downgrades MTN to 'BBB-'; Outlook Stable' dated 10 December 2015 at www. fitchratings. com for full rating rationale and disclosures.

The upgrade of MTN Group Limited's National Long Term Rating reflects the recalibration of Fitch's South African National Scale following the downgrade of the sovereign's Long-Term Local Currency IDR.

Namibia Water Corporation

Long-Term Local Currency IDR downgraded to 'BBB-' from 'BBB'; Outlook Stable.

National Long-Term Rating affirmed at 'AA+(zaf)'; Outlook Stable

National Short-Term Rating affirmed at 'F1+(zaf)'

Long-Term Foreign Currency IDR unaffected at 'BBB-'; Outlook Stable

Short-Term Foreign Currency IDR unaffected at 'F3'

Short-Term Local Currency IDR unaffected at 'F3'

Senior unsecured local currency rating downgraded to 'BBB-' from 'BBB'

National senior unsecured long - term rating affirmed at 'AA+(zaf)'