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Johannesburg - Fitch Ratings has affirmed Transnet's government guaranteed debt issues at national long-term 'AAA(zaf)' with a stable outlook, the agency said on Wednesday.
"The ratings cover only Transnet's debt that is explicitly
guaranteed by the South African government," Fitch said in a statement.
For the financial year ended March 31 2008, the South African
government guaranteed the parastatal's borrowings up to R19bn.
"This guarantee currently applies to the T011 and T018 domestic
bonds, which mature in April 2010 and July 2014 respectively, and the Euro 42 and Euro 42A Eurorand bonds, which mature in April 2028 and March 2029 respectively," Fitch said.
Transnet's commercial paper programme and TN17 and TN27 domestic
bonds are not guaranteed by the government.
Fitch said Transnet's results for the year 2008 reflected the
execution of the company's turnaround strategy, with revenue and
EBITDAR (earnings before interest, taxes, depreciation, amortisation and rent), increasing to R30bn and R13.9bn respectively from R28.2bn and R12.2bn.
Fitch's National ratings provide a relative measure of
creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings.
The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk.
- Sapa