S&P cuts Transnet outlook

Standard & Poor's said it revised its outlook on Transnet SOC Ltd. to negative from stable.

At the same time, the agency said it affirmed the long-term foreign and local currency corporate credit ratings at BBB+ and A-, respectively, and the ZaAA+ long-term South Africa national scale rating.

The agency said the rating actions on Transnet follow similar actions on the Republic of South Africa on March 28.

S&P said the outlook revision on the government reflects the potential for a downgrade if economic and social problems feed into the political debate in the run-up to the 2014 national and provincial elections and consequently put further pressure on the policy framework.

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