Credit Rating Amendment - BITRA
Transnet SOC Limited
(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 UPDATE ON TRANSNET’S CREDIT RATINGS
Transnet Noteholders are informed that on 26 November 2021, S&P Global Ratings (S&P) issued a
credit rating report on Transnet’s credit ratings with the long term foreign and local currency issuer
credit ratings of 'BB-'; 'BB-' on the foreign and local currency issue ratings on the senior unsecured
debt; and 'zaAA' long-term and 'zaA-1+' short-term South Africa national scale ratings, all placed on
Credit Watch Negative. The 'BB' local currency issue rating on its ZAR3.5 billion government-
guaranteed debt has been affirmed.
Transnet notes the S&P report and continues to execute its strategy and the recovery plans
following the impact of Covid -19 in the performance of the financial year ended 31 March 2021.
The operational challenges including cable theft which hampers on performance, as well as PFMA
Irregular Expenditure related issues, are receiving the necessary management and relevant
stakeholder attention to resolve.
For a detailed analysis of the credit rating report, please refer to the following link:
29 November 2021
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 29-11-2021 05:30:00
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