BINRA - South African National Roads Agency Soc Limited - Notification of
JSE
BINRA
BINRA - South African National Roads Agency Soc Limited - Notification of
rating change by Moody`s Investors Service
SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED ("SANRAL")
(Incorporated in the Republic of South Africa)
(Registration number 1998/009584/06)
Bond Issuer Code: BINRA
Notification of rating change by Moody`s Investors Service
Notice is hereby given that Moody`s Investors Service has downgraded the
long-term ratings of the South African National Roads Agency SOC Limited
(SANRAL) as at 29 February 2012.
Moody`s stated that the rating action follows the recent decision of the
South African government to further reduce the toll fees on SANRAL`s
biggest toll road project (the Gauteng Freeway Improvement Project, GFIP).
The negative rating outlook reflects Moody`s concerns regarding (i) South
Africa`s deteriorating operating environment, as reflected by the negative
outlook on South Africa`s A3 government bond ratings; and (ii) the
abovementioned concerns regarding SANRAL`s operational risks and business
model.
Ratings affected by yesterday`s action
SANRAL has been downgraded to Baa1 (global scale, local and foreign
currency) and to Aa3.za (South African national scale rating), from A3 and
Aa2.za, respectively. The outlook on the ratings is negative.
1 March 2012
Debt sponsor
Absa Capital
(the investment banking division of Absa Bank Limited, affiliated with
Barclays Capital)
Date: 01/03/2012 14:36:04 Produced by the JSE SENS Department.
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