Moody's: Transnet to negative

Moody's Investors Service said it changed the outlook on the A3/Prime-2 foreign- and domestic-currency senior unsecured long-term and short-term ratings for Transnet SOC Ltd. to negative from stable.

Moody's said its decision to change the outlook on Transnet's ratings to negative was driven primarily by the change in outlook on South Africa's government bond ratings, but also by the overall execution risk of its significant capex program over the next five years, as well as the potential pressure to accelerate its current capital expenditure program.

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