Cell C Proprietary Limited -- Moody's downgrades Cell C's rating to Caa1 and PDR to Caa1-PD/LD, outlook developing

London, 25 November 2016 -- Moody's Investors Service, ("Moody's") has today downgraded Cell C Proprietary Limited's (Cell C's) corporate family rating (CFR) to Caa1 from B3 and its probability of default rating to Caa1-PD/LD from B3-PD. The limited default "LD" designation appended to Cell C's probability of default rating reflects that Cell C's missed principal payment constitutes a default under Moody's definition. The limited default designation will remain until the company resolves the missed payment. The outlook on all ratings was changed to developing from ratings under review.

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