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TRANSNET SOC LIMITED - Credit Rating Announcement - Transnet SOC Limited

Release Date: 01/03/2021 09:10
Wrap Text
Credit Rating Announcement - Transnet SOC Limited


Issuer Code: BITRA


Credit Rating Announcement

Fitch Ratings (“Fitch”) downgrades Transnet SOC Ltd long term local and foreign currency Issuer
Default Ratings (IDR) to 'BB-' from 'BB' with a negative outlook in line with the downgrade on the
Sovereign IDR on 20 November 2020

Transnet notes that on the 26 February 2020, Fitch downgraded Transnet’s IDR to 'BB-' from 'BB'. The
rating action followed Fitch’s downgrade of the sovereign’s IDR to 'BB' with a negative outlook dated
20 November 2020.

Fitch performs unsolicited ratings on Transnet.

Transnet is wholly owned by the Government of the Republic of South Africa and under the
Government-Related Entity (GRE) methodology applied by Fitch, Transnet cannot be rated higher than
the Sovereign.

Fitch has also downgraded Transnet’s Standalone Credit Profile (SCP) to 'bb' from 'bbb-' as well as the
senior unsecured rating to 'BB-' from 'BB'.

For a detailed analysis of the rating, please refer to the following link: Announcements/Fitch Downgrades Transnet SOC
Ltd's IDR to 'BB-'; Outlook Negative.pdf

1 March 2021

Debt Sponsor

The Standard Bank Limited

Date: 01-03-2021 09:10:00
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