Credit Rating Announcement - BITRA

Transnet SOC Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1990/000900/30)
Issuer Bond Code: BITRA
("Transnet", "the Company" or the "Issuer")


MOODY'S PLACES TRANSNET'S CREDIT RATINGS ON REVIEW FOR DOWNGRADE


Transnet Noteholders are informed that on 10 November 2023, Moody's Investors Service
("Moody's") placed Transnet's credit ratings on review for a downgrade. The ratings review
will focus on Transnet's progress in securing new financing as well as assessing the likelihood
and level of government support. The review will also focus on the evaluation of Transnet's
Baseline Credit Assessment (BCA) in terms of the operating and financial performance of the
company.

Moody's plans to conclude the review within the coming weeks.

For a detailed analysis of the rating, please refer to the following link:

https://www.transnet.net/InvestorRelations/SENS%20Announcements/Rating_Action-
Moodys-places-Transnets-10Nov2023-PR_482232.pdf



Johannesburg

14 November 2023

JSE Debt Sponsor

Absa Corporate and Investment Bank (a division of Absa Bank Limited)

Date: 14-11-2023 07:45:00
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