THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - SANRAL- Credit Rating Change

SANRAL- Credit Rating Change

The South African National Roads Agency SOC Limited

Incorporated in the Republic of South Africa

(Registration number 1998/009584/30)

Alpha code: BINRA

("SANRAL")




MOODY'S RATINGS CHANGES OUTLOOK ON SANRAL TO POSITIVE; RATINGS
AFFIRMED


Moody's Ratings (Moody's) changed the outlook on SANRAL to positive from stable, while affirming the
Ba3 long-term issuer ratings (domestic and foreign currency). They also affirmed the NP short-term issuer
ratings (domestic and foreign currency), the long-term national scale issuer rating of A1.za and the short-
term national scale issuer rating of P-1.za.

The rating action follows the change in outlook of the Government of South Africa (South Africa) to
positive from stable on 22 May 2026 and the affirmation of its Ba2 ratings.



29 May 2026

Debt Sponsor

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 29-05-2026 03:41:00
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