Trade union Uasa has expressed the view that the recent downgrade of South African defence industrial group Denel by international ratings agency Fitch was “disappointing” but not surprising. State-owned entity (SOE) Denel is suffering from severe liquidity problems. “Fitch stated as a reason that management volatility may impact the group’s ability to implement its turnaround strategy,” observed the union in a statement on Friday. “With a CEO coming on board and resigning before any rescue plan could yield results, Denel is now looking to a new CEO who is expected to save this already sinking ship.”
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