TRANSNET SOC LIMITED - Moody's Ratings Affirms and Upgrades Most Of Transnet's Ratings.

Moody's Ratings Affirms and Upgrades Most Of Transnet's Ratings.

Transnet SOC Limited (Incorporated in the Republic of South Africa)

(Registration Number: 1990/000900/30)
Issuer Bond Code: BITRA
("Transnet", "the Company" or the "Issuer")


MOODY'S RATINGS (MOODY'S) AFFIRMS AND UPGRADES MOST OF TRANSNET'S
RATINGS BUT DOWNGRADES THE BASELINE CREDIT ASSESSMENT RATING, WITH A
STABLE OUTLOOK
_______________________________________________________________________________

Noteholders are informed that following their ratings review, Moody's announced the following
ratings action today, 7 August 2025:

The national scale senior unsecured MTN programme rating was upgraded to 'A1.za' from 'A2.za'
and the national scale subordinated MTN programme rating was upgraded to 'Baa1.za' from
'Baa2.za'.

The following ratings were affirmed:

   •   Long term corporate family rating (CFR) Ba3;
   •   Probability of default rating (PDR)Ba3-PD;
   •   Senior unsecured MTN programme (Medium-Term Note) ratings (P)Ba3;
   •   Subordinated MTN programme ratings (P)B1;
   •   Senior unsecured and backed senior unsecured ratings Ba3;
   •   National scale other short-term rating P-1.za.

Transnet's Baseline Credit Assessment, which is the standalone credit rating, was downgraded to
to 'caa1' from 'b3'.

The ratings outlook is stable.

"We remain focused on improving Transnet's operational performance, as we simultaneously
continue to implement port and rail reforms. With the support received from the Shareholder in the
form of government guarantees, we are confident that we can stabilise and improve Transnet's
credit ratings moving forward," said Advocate Michelle Phillips, Group Chief Executive of Transnet.

For a detailed analysis of the rating, please refer to the following link:

https://www.transnet.net/SENS

Johannesburg

08 August 2025

JSE Debt Sponsor
Absa Corporate and Investment Bank (a division of Absa Bank Limited)

Date: 08-08-2025 11:23:00
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