Fitch affirms Transnet

Fitch Ratings said it affirmed Transnet SOC Ltd.'s long-term foreign and local currency issuer default ratings at BB+ with a stable outlook.

The agency said the affirmation is supported by Fitch's expectation of stable credit metrics with EBITDA margins of about 43% and funds from operations adjusted net leverage to average about 3.7x for the financial years 2019 to 2021 compared with 3.5x in 2018.

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