TRANSNET SOC LIMITED - BITRA - Credit Rating Announcement

BITRA - Credit Rating Announcement

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 RATINGS (MOODY'S) KEEPS TRANSNET'S RATINGS UNCHANGED BUT
PLACES THE COMPANY ON REVIEW FOR A DOWNGRADE
_______________________________________________________________________________

Transnet noteholders are informed that on 15 May 2025, Moody's announced its decision to place
Transnet's ratings on review for downgrade. The review will affect Transnet's corporate family
rating (CFR) of Ba3, the Baseline Credit Assessment (BCA) of b3, the probability of default rating
(PDR) of Ba3-PD, the global and national scale senior unsecured MTN programme (Medium-Term
Note) ratings of (P)Ba3/A2.za, the global and national scale subordinated MTN programme ratings
of (P)B1/Baa2.za, the senior unsecured ratings of Ba3 and the national scale other short-term rating
of P-1.za. None of the ratings were downgraded.

The review will focus on the government's ability and the commitment to providing Transnet with
adequate support to address the concerns which relate to Transnet's liquidity position and capital
structure.

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

https://www.transnet.net/getFile.ashx?id=5375


Johannesburg


16 May 2025

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

Date: 16-05-2025 02:34:00
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