Moody’s downgrades Sanral

Moody's Investors Service said it downgraded to Ba2 from Ba1 South African National Roads Agency Ltd.’s (Sanral) long-term local and foreign currency global scale ratings.

The outlook was changed to negative.

The agency also affirmed the short term global scale of NP (Not Prime).

Moody’s also downgraded the long term national scale rating to A1.za from Aa3.za and affirmed the short-term national scale rating of P-1.za.

The action concludes the review that was initiated on Nov. 28, 2017.

The agency said the action reflects Sanral's ongoing liquidity pressure which is exacerbated by the national government's decision to further delay its announcement on the long-term solution to Sanral's Gauteng Freeway Improvement Project funding model.

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