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

Noteholders are advised that the credit rating agency, Global Credit Rating Co. (“GCR”), has on 4 May 2021,
downgraded the national scale issuer ratings assigned to SANRAL from A(ZA) to A-(ZA) and A1(ZA) to A2(ZA)
for the long and short term respectively, the outlook remains on Negative. Concurrently, the long-term
international scale issuer rating assigned to SANRAL has been affirmed at B+, outlook Negative.


The downgrade on SANRAL’s national scale credit ratings reflects the high refinancing requirements over the
medium term, coinciding with a lesser assurance of financial support from the Government of South Africa
(“GoSA”) for State Owned Companies (“SOC”) because of a weakened fiscal position.


The rating could improve if there is a resolution to the GFIP toll payment issues that would allow SANRAL to
move towards financial self-sustainability.
SANRAL continues as fulfilling a pivotal role in road infrastructure and the South African economy.


Full report is available on the link
https://gcrratings.com/announcements/gcr-downgrades-sanrals-national-scale-credit-rating-to-a-za-a2za-
from-aza-a1za-on-heightened-medium-term-refinancing-risk/



Doris Thiele                Nedbank Corporate and Investment Banking, a      +27 11 2958525
                            division of Nedbank Limited


07 May 2021

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

Date: 07-05-2021 03:10:00
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