TELKOM SA LIMITED - STANDARD & POOR"S UPGRADES TELKOM SA LIMITED"S RATING

TELKOM SA LIMITED  - STANDARD & POOR"S UPGRADES TELKOM SA LIMITED"S RATING      
TELKOM SA LIMITED                                                               
   (Registration Number 1991/005476/06)                                         
ISIN ZAE000044897                                                            
   JSE and NYSE Share Code TKG                                                  
   ("Telkom")                                                                   
STANDARD & POOR"S UPGRADES TELKOM SA LIMITED"S RATING                           
Standard & Poor"s yesterday upgraded Telkom"s foreign currency long-term        
corporate credit rating to BBB from BBB-, with a stable outlook. The upgrade    
reflects Telkom"s sustained strong cash generation, materially reduced leverage,
conservative financial policy, and improved operating performance.              
Standard & Poor"s believes to find increasing competition manageable in the near
term given its market dominance and current exposure to the mobile and value    
added data service providers.                                                   
Standard & Poor"s expects Telkom"s focus on continued operating efficiencies,   
sustained cash generation, and conservative balance sheet management to be      
sufficient to mitigate the risks associated with the developing regulatory and  
competitive environment.                                                        
Standard & Poor"s does not factor any South African Government"s support into   
Telkom"s rating.                                                                
Debt affected by the review is the EUR 500 million, 7.125% Eurobonds due on 12  
April 2005.                                                                     
16 November 2004                                                                
Johannesburg                                                                    
All statements contained herein, as well as oral statements that may be made by 
us or by officers, directors or employees acting on behalf of the Telkom Group, 
that are not statements of historical fact constitute "forward-looking          
statements" within the meaning of the US Private Securities Litigation Reform   
Act of 1995, specifically Section 21E of the U.S. Securities Exchange Act of    
1934, as amended. Such forward-looking statements involve known and unknown     
risks, uncertainties and other factors that could cause our actual results to be
materially different from historical results or from any future results         
expressed or implied by such forward-looking statements. Among the factors that 
could cause our actual results or outcomes to differ materially from our        
expectations are those risks identified under the caption "Risk Factors"        
contained in item 3 of Telkom"s most recent annual report on Form 20-F filed    
with the U.S. Securities Exchange Commission ("SEC") and our other filings with 
the SEC, available on Telkom"s website at www.telkom.co.za/ir, including, but   
not limited to, increased competition in the South African fixed-line and mobile
communications markets; developments in the regulatory environment; Telkom"s    
ability to reduce expenditure, customer non-payments, theft and bad debt, the   
outcome of arbitration or litigation proceedings with Telcordia Technologies    
Incorporated and others; general economic, political, social and legal          
conditions in South Africa and in other countries where Vodacom invests;        
fluctuations in the value of the Rand and inflation rates, our ability to retain
key personnel; and other matters not yet known to us or not currently considered
material by us. You should not place undue reliance on these forward-looking    
statements. All written and oral forward-looking statements, attributable to us,
or persons acting on our behalf, are qualified in their entirety by these       
cautionary statements. Moreover, unless we are required by law to update these  
statements, we will not necessarily update any of these statements after the    
date hereof either to conform them to actual results or to changes in our       
expectations.                                                                   
Date: 16/11/2004 05:15:09 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department