THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - Credit rating announcement
HWAY34 NRA018 NRA022 HWAY20 SZ25 HWAY23 HWAY24 NRA023 HWAY33 HWAY35 NRA028 HWF08 HWF09 201807020042A
Credit rating announcement
The South African National Roads Agency SOC Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Company code: BINRA
(“SANRAL”)
CREDIT RATING ANNOUNCEMENT
Noteholders are advised that Moody’s Investor Services (“Moody’s”) has, on 29 June 2018,
downgraded the credit ratings of SANRAL.
Moody’s downgraded SANRAL’s long-term local and foreign currency global scale ratings to Ba2 from
Ba1; with the outlook accorded as negative and affirmed the short term global scale of Not Prime (NP).
Moody’s also downgraded the long-term national scale rating to A1.za from Aa3.za and affirmed the
short term national scale rating of P-1.za; with the outlook accorded as negative.
The rating reflects SANRAL’s ongoing liquidity pressure which is amplified by the national government’s
decision to further delay its announcement on the long-term solution to SANRAL’s Gauteng Freeway
Improvement Project (GFIP) funding model. SANRAL's rating could be stabilised if the national
government is able to resolve the GFIP long-term funding model in such a way that SANRAL will be
able to honour all its financial commitments.
The report may be retrieved at the following link: https://www.moodys.com/research/Moodys-
downgrades-SANRALs-long-term-local-and-foreign-currency-ratings--PR_385576.
2 July 2018
Debt Sponsor
One Capital
Date: 02/07/2018 02:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
