TRANSNET SOC LIMITED - Credit Rating Announcement - BITRA

Credit Rating Announcement - BITRA

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 RATING ACTION


In accordance with paragraph 6.28 of the Debt and Specialist Securities Listings Requirements,
the Issuer hereby notifies the noteholders that on 10 July 2025 S&P Global Ratings (S&P)
announced its decision to downgrade the Issuer's credit ratings.

The following ratings have been downgraded:

   •   Global issuer rating, long-term local currency and foreign currency ratings from BB- to B+.
       The ratings outlook is stable.
   •   Standalone Credit Profile from 'b' to 'ccc+'
   •   National Scale Rating from 'zaAA-/zaA-1+' to 'zaA/zaA-1'.

S&P highlighted several issues in its rating report, including the following:
    1. "Structural business weaknesses remain and will take time to improve materially''
    2. Transnet's unsustainable capital structure

"We are confident that the strides made to date to improve Transnet's operational and financial
challenges have set the company on the right trajectory. This will enable Transnet to deleverage
its balance sheet and focus on optimizing its capital investment programme to restore the network.
The government guarantees will be deployed to ensure that the appropriate level of liquidity is
maintained to service all Transnet's obligations. We have noted the ratings action by S&P Ratings,
and our immediate and ongoing focus includes actively implementing the focused interventions to
enhance our operational and financial performance." Michelle Phillips, Group Chief Executive of
Transnet.

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

https://www.transnet.net/SENS


Johannesburg

11 July 2025

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

Date: 11-07-2025 10:30:00
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