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PSG Konsult credit rating upgrade and stable outlook

03 December 2019

PSG Konsult credit rating upgrade and stable outlook

Rating agency Global Credit Rating Company ("GCR") has reviewed the ratings of PSG Konsult under the recently released Appendix Criteria for Rating Asset Managers, November 2019.

PSG Konsult’s long-term South African national scale rating has been upgraded to A(ZA) from A-(ZA), while PSG Konsult’s short-term South African national scale rating has been revised to A1(ZA), from A1-(ZA), due to a change in the long- to short-term mapping tables. The outlook is stable.

GCR’s rating rationale

GCR states, “The South African National Scale ratings on PSG Konsult are anchored in its operating environment (as a predominantly South Africa based financial services group), it also reflects a modest competitive position, net ungeared balance sheet, good cash flows, moderate earnings and good liquidity.

The leverage and cash flow assessment is a strong positive rating factor for PSG Konsult, due to its net ungeared position. The entity has conservatively managed capital and debt over its rating history, and we believe this trend will continue going forward.

Liquidity is considered to be strong. PSG Konsult demonstrates consistent sources of liquidity which cover more than 2x its anticipated uses, due to the good cash flow, strong balance sheet liquidity and limited liability risk. There is also no refinancing or covenant risk.”

To read the full announcement from GCR, click here.

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