Transnet SOC Limited - Clarification on the recently published Fitchs revised rating of Transnet

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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