TELKOM SA SOC LIMITED - Telkom- Credit Rating Change

Telkom- Credit Rating Change

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")

STANDARD AND POOR'S UPGRADES TELKOM'S FOREIGN AND LOCAL CURRENCY RATINGS, KEEPS
OUTLOOK POSITIVE

In accordance with paragraph 6.8 of the JSE Debt and Specialist Listings Requirements, shareholders
and noteholders are advised that Standard and Poor's Global Ratings ("S&P") has upgraded Telkom's
credit rating.

Effective 24 November 2024, S&P raised Telkom's long-term foreign and local currency ratings to 'BB+'
from 'BB' and assigned a positive outlook. The long-term National Scale Rating ("NSR") of zaAAA was
also affirmed.

This rating action reflects the sovereign rating action on 14 November 2025, where S&P raised the
foreign and local long-term currency credit ratings of South Africa, with both ratings carrying a positive
outlook. S&P cited the potential for further improvements in fiscal metrics, government debt
stabilisation and stronger than anticipated growth as some factors underpinning the positive ratings
revision.

Telkom is a Government Related Entity (GRE) and the Group's credit rating is still influenced by rating
actions on the sovereign. Telkom also passed the S&P's liquidity stress test to qualify in having its
Stand Alone Credit Profile (SACP) rating higher than the sovereign. The SACP rating was affirmed at
'bbb-', limited to one notch above the foreign currency rating of South Africa.

The Group remains committed to executing its strategy in a financially sustainable manner,
maintaining prudent balance sheet discipline, and delivering long-term value for stakeholders.


26 November 2025
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited.

Date: 26-11-2025 10:25:00
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.