THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - Credit rating announcement

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” or the “Company”)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that further to the credit rating announcement published on SENS on 8 May 2020, the credit
rating agency, Global Credit Rating Co. (“GCR”), has on 8 July 2020, downgraded the long term international scale
ratings from BB- to B+, with the outlook accorded as Stable. At the same time, GCR has affirmed the national scale
issuer ratings assigned to SANRAL at A(ZA) and A1(ZA) for the long term and short term, respectively, with the
outlook remaining on Negative.

The downgrade to SANRAL’s international scale ratings follows the decrease in GCR’s South African country risk
score and a reduction in the sector risk score for state owned companies. The lower country risk score reflects GCR’s
view of a weaker domestic fiscal position with deeply negative economic growth expected in the short term due to
the COVID-19 pandemic. Notwithstanding this, GCR continues to view SANRAL as fulfilling a critical role in the South
African economy, with its position mandated and protected by legislation.

The GCR credit rating report may be retrieved at the following link: https://gcrratings.com/announcements/gcr-
downgrades-sanrals-international-scale-credit-rating-to-b-from-bb-on-heightened-country-and-sector-risks/.

9 July 2020

Debt Sponsor
One Capital

Date: 09-07-2020 05:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.