S&P affirms Transnet

S&P said it affirmed its BB foreign currency and BB+ local currency long-term issuer credit ratings on Transnet SOC Ltd. The outlook is stable.

The agency also affirmed the zaAAA/zaA-1+ South Africa national scale long-term and short-term ratings on Transnet.

At the same time, the agency affirmed the BB foreign currency issue ratings and the BB+ local currency issue ratings on Transnet's senior unsecured debt.

S&P also affirmed the BB foreign currency issue ratings and the BB+ local currency issue ratings on Transnet's government-guaranteed debt.

“The affirmation reflects Transnet's strong operational performance in fiscal 2018 (ended March 31, 2018),” the agency said in a news release.

“We also take into account the sovereign ratings on South Africa due to the company's very strong links with the South African government, despite our view that Transnet's stand-alone creditworthiness is stronger than the sovereign's.”

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