TRANSNET SOC LIMITED - Credit Rating Amendment Notification - BITRA

Credit Rating Amendment Notification - BITRA

TRANSNET SOC Limited

Issuer Code: BITRA

(“TRANSNET”)



Credit Rating Amendment Notification


Noteholders are advised of the credit rating amendment by Moody’s Investors Service (“Moody’s”)
effective 4 April 2020

Following the downgrade on the South African government sovereign rating to Ba1 with a negative
outlook, Moody’s downgraded Transnet’s long-term local currency and foreign currency ratings from
'Baa3' to 'Ba1' and the Baseline Credit Assessment (BCA) from ‘Baa3' to ‘Ba1’, with the ratings placed on
review for downgrade. Moody’s has also revised Transnet’s national scale ratings to ‘Aa2.za’ from
‘Aa1.za’.

Moody's classifies Transnet as a Government-Related Issuer because it is wholly-owned by the
government.

The downgrade has no impact on Transnet’s existing debt.

Note holders are referred to Moody’s press release which is accessible on the following website:

https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL422175

08 April 2020



Debt Sponsor

The Standard Bank of South Africa Limited

Date: 08-04-2020 01:48:00
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