TRANS - CALEDON TUNNEL AUTHORITY - FITCH Affirms TCTA Projects at AA+(zaf); Outlooks STABLE

FITCH Affirms TCTA Projects at AA+(zaf); Outlooks STABLE

Trans-Caledon Tunnel Authority (TCTA)

       WS05 (LHWP)       ZAG000018060
       WSP2 (LHWP)       ZAG000019985
       WSP3 (LHWP)       ZAG000019993
       WSP4 (LHWP)       ZAG000020009
       WSP5 (LHWP)       ZAG000020017

As established by Notice No 2631 in Government Gazette No 10545 of 12 December 1986,
and revised by Notice No 277 in Government Gazette No 21017 of 24 March 2000.
A Schedule 2 Public Finance Management Act no. 1 of 1999 entity.

FITCH AFFIRMS 5 TCTA PROJECTS AR ‘AA+(ZAF)’; OUTLOOK STABLE

Fitch Ratings announced on 5 December that it retained the South African National Scale
ratings on 5 TCTA Projects at AA+(zaf) with National Short-Term ratings at ‘F1+(zaf). Fitch
sees the outlook on all the projects as “Stable”.

The projects are:
  * Berg Water Project (BWP);
  * Vaal River Eastern Sub-System Augmentation Project (VRESAP);
  * Mooi-Mgeni Transfer Scheme phase 2 (MMTS-2);
  * Komati Water Scheme Augmentation Project (KWSAP); and
  * Mokolo Crocodile Water Augmentation Project Phase 1 (MCWAP-1)

The projects are funded through long term loans with liquidity support from revolving credit
facilities and unlisted Commercial Paper Programs.

Outstanding amounts on Commercial Paper at 30 November 2016 were:

  *   BWP: R nil of a R450 million Program;
  *   VRESAP: R190 million of a R300 million Program;
  *   MMTS-2: R223 million of a R400 million Program;
  *   KWSAP: R nil of a R500 million Program; and
  *   MCWAP-1: R nil or a R nil Program

The Lesotho Highlands Water Project (LHWP) issues explicitly government guaranteed debt
and is not rated.

Note on Ratings Agency
TCTA’s projects will continue to be rated by Fitch Ratings until the end of the exemption
period (31 December 2017) granted by the FSB for ratings on sovereign and SOE ratings
as per the FSB press release of 4 November 2015.

For further information please contact:
Nyiko Mageza, TCTA Sponsor +27 12 683 1334

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