South African National Roads Ag. Ltd (The) -- Moody's places SANRAL's ratings on review for downgrade

Johannesburg, September 14, 2016 -- Moody's Investors Service, ("Moody's") has today placed on review for downgrade South African National Roads Ag. Ltd's (The) (SANRAL) long-term and short-term issuer ratings of Baa3/P-3 (global scale) and of Aa3.za/P-1.za (South African national scale) following the continuing deterioration of the Gauteng Freeway Improvement Project (GFIP) cash flows and rising funding challenges at a time when SANRAL faces large debt maturities. At the same time, Moody's has lowered the issuer's standalone credit profile (Baseline Credit Assessment) to b3 from b2, which mainly reflects the decline in GFIP toll revenues.

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