Affirmation of Credit Rating
UMNGENI-UTHUKELA WATER
Registration number: 1997/007707/07
JSE Alpha code: BIUMWA
AFFIRMATION OF CREDIT RATING
Noteholders are advised that following the merger of Umgeni Water and Mhlathuze Water, Fitch
Ratings has affirmed uMngeni-uThukela Water’s National Long-Term Rating on 21 September 2023,
with a Stable outlook.
The affirmation reflects Fitch Ratings’ expectations of weaker credit metrics over the medium term
with a deteriorating financial profile and weaker EBITDA margins, albeit still commensurate with the
‘AA+(zaf)’ rating. The affirmation also reflects continued strong links between UW and the South
African state (BB-/Stable) as per our Government-Related Entities (GRE) Rating Criteria
The full rating announcement will be made available upon request to uMngeni-uThukela Water.
22 September 2023
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 22-09-2023 04:50:00
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