THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - Credit Rating Announcement

Credit Rating Announcement

The South African National Roads Agency SOC Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Company code: BINRA
(“SANRAL”)

CREDIT RATING ANNOUNCEMENT

In accordance with paragraph 6.8 of the JSE Limited Debt Listings Requirements, noteholders are
hereby advised that on 31 May 2023, GCR Ratings (“GCR”) affirmed SANRAL’s unsolicited national
scale issuer ratings of A-(za) and A2(za) for the long and short term respectively. In addition, the outlook
was revised to Stable from the previous Negative outlook. Concurrently, the unsolicited long-term
international scale issuer rating assigned to SANRAL has been affirmed at B+, with the outlook revised
to Stable from Negative.

The affirmation of the rating and reversion of the outlook to stable reflects the mitigation of GCR’s
previous concerns as to the high debt redemptions in financial years to 31 March 2022 and 2023.

Further details on the rating action can be viewed on the following link:
GCR affirms SANRAL’s national scale credit rating at A-(ZA)/ A2(ZA), but maintains the Negative
Outlook on heightened medium term refinancing risk – GCR Ratings

1 June 2023

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

Date: 01-06-2023 01:40:00
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