TRANSNET SOC LIMITED - Credit Rating Announcement - BITRA

Credit Rating Announcement - BITRA

Transnet SOC Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1990/000900/30)
Issuer Bond Code: BITRA
("Transnet", "the Company" or the "Issuer")


MOODY'S INVESTORS SERVICE (MOODY'S) RATINGS DECISION

Noteholders are advised that on 25 January 2024, Moody's announced its ratings decision on
Transnet's credit ratings following its decision, on 10 November 2023, to place Transnet credit
ratings on review for a downgrade. Accordingly, Moody's has affirmed Transnet's corporate
family rating (CFR) of 'Ba3' and lowered the Company's Baseline Credit Assessment (BCA),
which is the Company's standalone rating before Government support, to 'b3' from 'b2'.

Further, the global and national scale senior unsecured MTN programme (Medium-Term Note)
ratings were affirmed at '(P)Ba3/A2.za', the global and national scale subordinated MTN
programme ratings were affirmed at '(P)B1/Baa2.za', the senior unsecured and the backed
senior unsecured ratings were affirmed at 'Ba3' and the national scale other short-term rating
was confirmed at 'P-1.za'. The ratings outlook was revised to negative from under review.

For a detailed analysis of the rating, please refer to the following link:

https://www.transnet.net/InvestorRelations/SENS%20Announcements/Rating_Action-Moodys-
confirms-Transnets-Ba3-25Jan2024-PR_484750.pdf

Johannesburg

25 January 2024

JSE Debt Sponsor
Absa Corporate and Investment Bank (a division of Absa Bank Limited)

Date: 25-01-2024 05:45:00
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