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Credit rating announcement
The South African National Roads Agency SOC Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Company code: BINRA
(“SANRAL”)
CREDIT RATING ANNOUNCEMENT
Noteholders are advised that Moody’s Investor Services (“Moody’s”) has, on 29 June 2018,
downgraded the credit ratings of SANRAL.
Moody’s downgraded SANRAL’s long-term local and foreign currency global scale ratings to Ba2 from
Ba1; with the outlook accorded as negative and affirmed the short term global scale of Not Prime (NP).
Moody’s also downgraded the long-term national scale rating to A1.za from Aa3.za and affirmed the
short term national scale rating of P-1.za; with the outlook accorded as negative.
The rating reflects SANRAL’s ongoing liquidity pressure which is amplified by the national government’s
decision to further delay its announcement on the long-term solution to SANRAL’s Gauteng Freeway
Improvement Project (GFIP) funding model. SANRAL's rating could be stabilised if the national
government is able to resolve the GFIP long-term funding model in such a way that SANRAL will be
able to honour all its financial commitments.
The report may be retrieved at the following link: https://www.moodys.com/research/Moodys-
downgrades-SANRALs-long-term-local-and-foreign-currency-ratings--PR_385576.
2 July 2018
Debt Sponsor
One Capital
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