TELKOM SA SOC LIMITED - Confirmation of Telkoms Credit Rating by Moodys

Confirmation of Telkom’s Credit Rating by Moody’s

Telkom SA SOC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/005476/30)
JSE Bond code: BITEL
("Telkom" or "the Company")


Confirmation of Telkom’s Credit Rating by Moody’s


In accordance with paragraph 7.42 the JSE Debt Listings
Requirements, noteholders are hereby advised of the amendment to
Telkom’s credit rating following the confirmation of South
Africa’s Government issuer rating of Baa3 on 23 March 2018.

Subsequent to Moody’s Investors Service (“Moody’s”) placing
Telkom’s rating under review for a possible downgrade on 24
November 2017, Moody’s has, as at 28 March 2018 confirmed
Telkom’s global scale rating of Baa3/Aa1.za with a stable
outlook.

This rating action is in line with the government of South
Africa’s bond rating, which reflects the view that the previous
weakening of South Africa’s institutions will gradually reverse
under a more transparent, predictable policy framework.
Furthermore, Moody’s has noted that the Baa3 rating assumes that
Telkom will not experience any difficulties in terms of
liquidity, refinancing or funding and will therefore be able to
meet its financial and operating commitments.

Moody’s recognises the Company’s position as a leading
telecommunications operator, with a leading market position in
South Africa’s fixed-line business.

For further commentary on the rating please refer to the Moody’s
press release on their website:
https://www.moodys.com/research/--PR_381164


Johannesburg
28 March 2018

Debt Sponsor
The Standard Bank of South Africa Limited

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