Fitch affirms Transnet

Fitch Ratings said it has affirmed Transnet Ltd.'s government guaranteed debt issues at national long-term AAA(zaf) with a stable outlook.

The ratings cover only Transnet's debt that is explicitly guaranteed by the South African government, the agency said.

For the financial year ended March 31, the South African government guaranteed Transnet's borrowings up to 19 billion rand, Fitch said, adding that this guarantee currently applies to the T011 and T018 domestic bonds, which mature in April 2010 and July 2014, respectively, and the euro 42 and euro 42A eurorand bonds, which mature in April 2028 and March 2029, respectively.

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