Outlook
The negative outlook on Transnet’s foreign and local currency ratings reflects
that on the Republic of South Africa and the possibility that a downgrade of
South Africa could lead to a downgrade of Transnet under our GRE criteria.
A change in our view of Transnet’s relationship with the sovereign, resulting
in a change in our opinion of the likelihood of extraordinary government
support available to the company, could also result in a change in the rating.
All else being equal, a revision of the outlook on South Africa to stable
would likely lead to a similar action on Transnet.
Related Criteria And Research
— South Africa Outlook Revised To Negative On Persistent Economic And
Social Problems; All Ratings Affirmed, March 28, 2012
— Methodology And Assumptions: Liquidity Descriptors For Global
Corporate Issuers, Sept. 28, 2011
Continued…
