TELKOM SA SOC LIMITED - Moody's affirms Telkom's Corporate Family Rating and downgrades National Scale Rating, keeps Outlook stable

Moody's affirms Telkom's Corporate Family Rating and downgrades National Scale Rating, keeps Outlook stable

Telkom SA SOC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/005476/30)
JSE Bond Code: BITEL
JSE Share Code: TKG
ISIN ZAE000044897
("Telkom")

MOODY'S AFFIRMS TELKOM'S CORPORATE FAMILY RATING AND DOWNGRADES NATIONAL SCALE
RATING, KEEPS OUTLOOK STABLE

Moody's Investors Service ("Moody's") has affirmed Telkom's Corporate Family Rating of Ba2 and
downgraded its National Scale Rating ("NSR") to Aa2.za from Aa1.za. The outlook on all ratings remains
stable.

The NSR downgrade is reflective of Telkom's weakly positioned Ba2 rating in comparison to similar
rated South African companies.

Moody's also affirmed Telkom's baseline credit assessment at Ba2 which is supported by its leading
market position in South Africa's fixed-line business and operator of the largest fibre network, and
adequate financial policies.

Moody's rating action reflects its expectation that Telkom's credit metrics will recover over the next
12 to 18 months to levels that Moody's deems adequate for its Ba2 rating.

The full rating announcement will be made available upon request or can also be obtained on
Telkom's website at https://group.telkom.co.za/ir/debt-investors/credit-ratings.shtml.

20 December 2023

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited.

Date: 20-12-2023 10:00:00
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.