BINRA - South African National Roads Agency SOC Limited ("SANRAL") - Rating

BINRA - South African National Roads Agency SOC Limited ("SANRAL") - Rating     
downgrade of SANRAL by Moody`s Investors Service ("Moody`s")                    
South African National Roads Agency SOC Limited ("SANRAL")                      
(Incorporated in the Republic of South Africa                                   
Registration number 1998/009584/06)                                             
Bond Issuer Code: BINRA                                                         
Rating downgrade of SANRAL by Moody`s Investors Service ("Moody`s")             
Notice is hereby given that Moody`s has today (4 May 2012) downgraded           
SANRAL due to the North Gauteng High Court`s decision on 28 April 2012 to       
block the implementation of the electronic tolling (e-toll) on the country`s    
largest toll road, through the Gauteng Freeway Improvement Project (GFIP),      
pending a final court resolution on this matter. This interdict supersedes      
the South African government`s 26 April 2012 decision to postpone e-toll        
collections by one month and adds uncertainty on the future of the toll         
road project, according to Moody`s.                                             
Moody`s view is that the delay in GFIP e-toll collection adds pressure on       
SANRAL`s finances and raises concerns over its medium-term financial            
sustainability.                                                                 
Ratings affected by today`s action.                                             
The Global scale, local and foreign currency issuer ratings downgraded          
to Baa2/P-3 from Baa1/P-2 while the local national scale ratings have           
been downgraded to A2.za/P-2.za from Aa3.za/P-1.za.                             
According to Moody`s, the outlook on the rating remains negative due to         
SANRAL`s weakening financial conditions associated with the e-tolling system    
as well as concerns over South Africa`s deteriorating operating environment,    
as reflected by the negative outlook on South Africa`s A3 government bond       
ratings.                                                                        
4 May 2012                                                                      
Debt sponsor                                                                    
Absa Capital                                                                    
(the investment banking division of Absa Bank Limited, affiliated               
with Barclays)                                                                  
Date: 04/05/2012 17:22:01 Supplied by www.sharenet.co.za                     
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