Moody’s Review

SANRAL was placed under review by credit rating agency, Moody’s, in September. Issues outside of SANRAL’s control has forced the review, such as FutureGrowth’s stated aversion to investment in state-owned enterprises and pronouncements by detractors which is causing motorists to disobey the laws of the country and contribute to a lower level of cash receipts from e-tolls. SANRAL is confident that it can overturn the review as it manages two portfolios: toll and non-toll. The toll portfolio is less than 15% of SANRAL’s total portfolio, is managed as a global portfolio and does not separate specific toll routes for project financing.