AIRPORTS COMPANY SOUTH AFRICA SOC LIMITED - ACSA Rating Action By Moodys Investor Services

ACSA Rating Action By Moody’s Investor Services

Airports Company South Africa SOC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/004149/30)
("ACSA") or ("the Company")

Issuer Code: BIACSA


ACSA RATING ACTION BY MOODY'S INVESTOR SERVICES

In accordance with paragraph 6.8 of the JSE Debt Listings Requirements,
noteholders are hereby advised that on 09 January 2024, Moody's Investors
Service ("Moody's) has affirmed the Ba2 long-term global scale rating
of Airports Company South Africa and upgraded the national scale long-
term issuer rating to Aa1.za from Aa2.za.

The rating action follows publication of Airport Charges for the year
to March 2025 by the Regulating Committee on 02 January 2024. According
to Moody's, the charges confirm the Draft Permission published in October
2023 which provides for significant tariff increases and improved revenue
visibility over the period to March 2028.

The rating outlook was changed from negative to stable reflecting the
Permission, as well as a recovery in traffic and deleveraging that has
supported a strengthening of the company's key credit metrics.

Further details on the rating action can be viewed using the following
link:

https://www.airports.co.za/Documents/Rating%20Action%20-
%20Moodys%20changes%20ACSAs%20outlook-%2009%20January%202024.pdf

Airports Company South Africa notes the decision by Moody's to affirm
the global scale rating at Ba2 and to change the outlook to stable.


Johannesburg
09 January 2024
Debt Sponsor
The Standard Bank of South Africa Limited




                                                                            Confidential

Date: 09-01-2024 04:28:00
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