| Mon 21 Jan 2013, 11:30 | | Transnet SOC Limited - Clarification on the recently published Fitchs revised rating of Transnet |
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TN27 TN17 TN23 TN20 TN25 TSP129 TSP131 TSP134 TSP135 TSP136 201301210018A
Clarification on the recently published Fitch’s revised rating of Transnet
TRANSNET SOC Ltd
Registration Number: 1990/000900/30
Clarification on the recently published Fitchs revised rating of Transnet
Purpose and background:
This notice serves to provide clarity on the recent Fitchs Ratings Agency report published on 14
January 2013, following the downgrade of the Sovereign ratings of the Republic of South Africa on
11 January 2013.
Firstly, Transnet wishes to bring to your attention that Fitch Ratings Agency is not an official rating
agency of Transnet, thus, uses publicly available information to perform a desktop rating analysis of
Transnet. As such, they are not privy to any updated information that may not yet be published.
Furthermore, they do not engage with Transnet management as would be the case with official
rating agencies of Transnet, to clarify, understand and discuss any strategies contemplated by
management, challenges experienced and plan to manage these. Secondly, according to Fitch
Ratings analysts, the recently published report was not as a result of an analysis and or evaluation
done on Transnet as would be the case with the annual publication done by Fitch on Transnet, but,
rather a revision based purely on the Sovereign downgrade. Thus, the revision was not based on
Transnets performance on a stand-alone basis, but on an inherent fact that it is a state-owned
company (SOC).
Conclusion:
It is, in Transnets opinion, important that Investors note that Transnet is officially rated by Moodys
Investor Services and Standard & Poors and should rely on their rating reports. If you need further
clarity on the matter, please contact the following people at Transnet:
Ms Disebo Moephuli: Group Treasurer Disebo.moephuli@transnet.net
Mr Tshepo Matlamela: Deputy Treasurer: Front Office- Tshepo.matlamela@transnet.net
Ms Nontlaza Sizani: Head: Cash Management - Nontlaza.sizani@transnet.net
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