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”)

CREDIT RATING ANNOUNCEMENT

In accordance with paragraph 6.8 of the JSE Limited Debt Listings Requirements, noteholders are
hereby advised that on 07 April 2022, Moody’s Investor Services (“Moody’s”) affirmed SANRAL’s LT
GSR of Ba3 and LT NSR of A1.za and changed the outlook to stable from negative.

The stable outlook of SANRAL mirrors the drivers of the stable outlook for South Africa (Ba2 stable).
Moody’s expects a relatively resilient operating environment, to lead to moderate revenue collections
for the RLG sector, resulting in moderate but stable operating performances during the next three years.

Further details on the rating action can be viewed on the following link:

https://www.moodys.com/research/Moodys-takes-action-on-the-ratings-of-7-South-African--
PR_464114


11 April 2022

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 11-04-2022 03:50:00
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