BINRA - South African National Roads Agency Soc Limited - Notification of

BINRA - South African National Roads Agency Soc Limited - Notification of       
rating change by Moody`s Investors Service                                      
SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED ("SANRAL")                      
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/009584/06)                                            
Bond Issuer Code: BINRA                                                         
Notification of rating change by Moody`s Investors Service                      
Notice is hereby given that Moody`s Investors Service has downgraded the        
long-term ratings of the South African National Roads Agency SOC Limited        
(SANRAL) as at 29 February 2012.                                                
Moody`s stated that the rating action follows the recent decision of the        
South African government to further reduce the toll fees on SANRAL`s            
biggest toll road project (the Gauteng Freeway Improvement Project, GFIP).      
The negative rating outlook reflects Moody`s concerns regarding (i) South       
Africa`s deteriorating operating environment, as reflected by the negative      
outlook on South Africa`s A3 government bond ratings; and (ii) the              
abovementioned concerns regarding SANRAL`s operational risks and business       
model.                                                                          
Ratings affected by yesterday`s action                                          
SANRAL has been downgraded to Baa1 (global scale, local and foreign             
currency) and to Aa3.za (South African national scale rating), from A3 and      
Aa2.za, respectively. The outlook on the ratings is negative.                   
1 March 2012                                                                    
Debt sponsor                                                                    
Absa Capital                                                                    
(the investment banking division of Absa Bank Limited, affiliated with          
Barclays Capital)                                                               
Date: 01/03/2012 14:36:04 Supplied by www.sharenet.co.za                     
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