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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 the credit rating agency, Global Credit Rating Co. (“GCR”), has on
7 May 2020, affirmed the national scale issuer ratings assigned to SANRAL at A(ZA) and A1(ZA) for
the long term and short term, respectively and the long-term international scale ratings of BB-. However,
the outlook on both ratings have been amended from Stable Outlook to Negative Outlook.
The Negative Outlook on the rating reflects GCR’s view that the assurance of financial support to
SANRAL from the Government of South Africa has diminished due to the government’s constrained
fiscal position, the need to reprioritize its budget and potentially reduced financial support for State-
Owned Entities in light of the COVID-19 pandemic.
GCR continues to view SANRAL as fulfilling a critical role in the South African economy. Although
SANRAL does not operate with a profit motive, but rather looks to recover project costs over a long
project implementation cycle, its standalone financial profile continues to be weakened by the non-
payment of Gauteng Freeway Improvement Project tolls, which has placed additional pressures on cash
flows. Delays in carrying out projects within the non-toll portfolio has resulted in excess cash being
available, but such appropriations are not sustainable over the longer term.
The GCR credit rating report may be retrieved at the following link:
https://gcrratings.com/announcements/gcr-places-sanrals-aza-a1za-long-and-short-term-national-
scale-ratings-and-bb-international-scale-ratings-on-negative-outlook-on-potentially-reduced-
government-support/.
8 May 2020
Debt Sponsor
One Capital
Date: 08-05-2020 09:10:00
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