Fitch Ratings has upgraded the National Long-Term Rating of Namibian Ports Authority (Namport) to ‘A A A-(zaf )’/Stable Outlook from ‘A A-(zaf )’/Stable Outlook. Namport's national short-term rating has been affirmed at ‘F1+'.Fitch assigns ‘F1+’ where the liquidity profile of an organisation is particularly strong.The new rating follows the upgrade of Namibia's National Long-Term ratings to ‘A A A(zaf )'/Stable Outlook from ‘A A-(zaf )'/Stable Outlook in April 2020.The Namibian government unconditionally guarantees the punctual debt service of Namport's African Development Bank loan secured to pay for the new container terminal in Walvis Bay.This represents more than 90% of Namport's debt, according to a Fitch statement.In April 2020 Fitch downgraded Transnet’s long-term foreign- and local-currency issuer default ratings (IDR) to ‘BB’ from ‘BB+’. The “outlook is negative,” according to Fitch.
