RAND WATER BOARD - S&P Global Ratings Upgrades Rand Waters Credit Rating

S&P Global Ratings Upgrades Rand Water’s Credit 
Rating

RAND WATER

Rand Water is established in terms of the Water Services Act, 1997 (the "Act"). Through the Department of Water
and Sanitation and duly represented by the Minister of Water and Sanitation, the Government of the Republic of
South Africa is the sole shareholder of Rand Water. In terms of the Act, Rand Water's primary activity is the provision
of bulk water supply services (potable bulk water and sanitation services) within the predetermined service area.
("Rand Water")
Bond Issuer Code: BIRW


S&P Global Ratings upgrades Rand Water's credit rating

On 24 November 2025, S&P Global Ratings ("S&P") announced their decision to raise Rand Water's long-term
foreign currency rating to 'BB' from 'BB-' and assigned a positive outlook. S&P affirmed the 'BB' long-term local
currency and revised the outlook to positive from stable. The long-term South Africa national scale rating was
affirmed. This update follows the announcement on the sovereign ratings released on 14 November 2025.

Noteholders may view or download the detailed report on the following website:

https://www.spglobal.com/ratings/en


25 November 2025

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

Rand Water information: 522 Impala Road, Glenvista, 2058, Johannesburg, Gauteng, South Africa PO Box 1127,
Johannesburg, 2000, www.randwater.co.za


For further information, please contact:
Nedbank: Kea Sape: Associate Principal: Debt Sponsor
Tel: +27 10 227 3084
Email: Keasa@nedbank.co.za


Rand Water: Lucky Ncobela: Debt Officer
Cell: +27 83 212 0706
Email: Lncobela@randwater.co.za

Date: 25-11-2025 04:46:00
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