THE SA NATIONAL ROADS AGENCY SOC LIMITED - Credit Rating Announcement

Credit Rating Announcement

The South African National Roads Agency SOC Ltd
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Company Code: BINRA
(“SANRAL” or “the Issuer”)


CREDIT RATING ANNOUNCEMENT

Noteholders are advised that Moody’s Investors Services (“Moody’s”) has, on 12 June 2017,
reviewed the credit ratings of the Issuer.

Moody’s downgraded the long-term issuer ratings to Ba1 from Baa3 as well as downgraded the
short-term ratings to NP from P-3, on a global scale and affirmed the long-term rating of Aa3.za and
the short-term rating of P-1.za, on a South African national scale; with the outlook accorded as
negative. This follows the weakening of the South African government's credit profile, as captured
by Moody's similar rating action on the sovereign rating on 9 June 2017.

The report may be retrieved at the link below:
https://www.moodys.com/research/Moodys-downgrades-13-South-African-sub-sovereigns-and-
changes-the--PR_367645



14 June 2017

Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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