TRANSNET SOC LIMITED - Transnet SOC Limited - S&P Credit Rating Action

Transnet SOC Limited - S&P Credit Rating Action

Transnet SOC Limit(Incorporated in the Republic of South Africa)

(Registration Number: 1990/000900/30)
Issuer Bond Code: BITRA
("Transnet", "the Company" or the "Issuer")


S&P GLOBAL RATINGS (S&P) AFFIRMS TRANSNET'S RATINGS
_________________________________________________________________________________________________

In accordance with paragraph 6.8 of the Debt and Specialist Securities Listings Requirements, the
Issuer hereby notifies the Noteholders that, on 24 November 2025, S&P announced its decision on
Transnet's ratings. This follows the announcement on the sovereign ratings on 14 November 2025.

The following ratings were affirmed:

   •   Long-term local currency and foreign currency ratings at 'B+'. The ratings outlook remains
       stable.
   •   Standalone Credit Profile at 'ccc+'.
   •   National Scale Rating at 'zaA/zaA-1'.

The rating on the two existing rand denominated debt instruments maturing in financial years
2028 and 2029, which are guaranteed by the Government of South Africa, was upgraded to 'BB+'
in line with the sovereign long-term local currency rating.

For a detailed analysis of the rating, please refer to the following link:

https://www.transnet.net/SENS


Johannesburg

25 November 2025

JSE Debt Sponsor
Absa Corporate and Investment Bank (a division of Absa Bank Limited)

Date: 25-11-2025 03:30:00
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