The cement maker is also looking at options to repatriate funds stuck in Zimbabwe, which is suffering from a liquidity crisis
S&P Global Ratings has downgraded PPC’s credit rating due to the cement maker’s “weaker profit and debt-reduction prospects”.
“The downgrade follows weaker-than-expected profitability in PPC’s SA business coupled with ongoing macro-economic and currency regime uncertainty in Zimbabwe,” S&P said. PPC said earlier in March it is considering selling off non-core assets. It is also looking at options to repatriate funds stuck in Zimbabwe, which is suffering from a liquidity crisis. Its cash balance in that market had been reduced to $60m due to a debt payment at the end of February, it said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MARKET WRAP: JSE slips 1%, tracking weaker global marketsJSE suffered broad-based losses in line with global markets, although platinum miners shone as palladium pushed to a record high
Read more »
JSE set to react to weaker Asian markets and a firmer randThe rand gained on Thursday while local markets were closed for Human Rights Day, and Naspers's primary asset Tencent has fallen 1%
Read more »
#RandReport: Rand firms on weaker dollar, stocks fall
Read more »
Prospects brighter as Eskom stops load-shedding for week aheadFive units have been restored since Friday morning leading Eskom to suspend load-shedding on Sunday
Read more »
Historical debt settlement is a short-term solution: SascoStudent's body Sasco says the allocated additional sum of more than R960 million to the National Student Financial Aid Scheme (NSFAS) should have been spent on future funding.
Read more »
Historical debt settlement is a short-term solution: SascoStudent's body Sasco says the allocated additional sum of more than R960 million to the National Student Financial Aid Scheme (NSFAS) should have been spent on future funding.
Read more »
Lifeline for current students with historical debtHigher Education Minister Naledi Pandor has allocated close to a billion rand to the National Student Financial Aid Scheme to settle historical debt.
Read more »
Higher Education Minister allocates almost R1billion to write off NSFAS debt | IOL NewsMinister Naledi Pandor has allocated almost R1 billion to tertiary institutions to settle the historic debt of NSFAS-funded students.
Read more »
DHET allocates R967m to NSFAS to settle historic debt owed to universitiesThe allocation is specifically for those who had been funded on the previous funding scheme of NSFAS prior to the improved funding support that began in 2018.
Read more »