{"id":856,"date":"2013-10-31T10:54:12","date_gmt":"2013-10-31T10:54:12","guid":{"rendered":"http:\/\/www.thebizsense.com\/za\/?p=856"},"modified":"2013-10-31T10:54:12","modified_gmt":"2013-10-31T10:54:12","slug":"transnet-credit-rating-upgraded","status":"publish","type":"post","link":"https:\/\/www.thebizsense.com\/za\/news\/transnet-credit-rating-upgraded","title":{"rendered":"Transnet credit rating upgraded"},"content":{"rendered":"<p style=\"text-align: center;\"><a href=\"http:\/\/www.thebizsense.com\/za\/files\/2013\/10\/transnet.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-857\" alt=\"transnet\" src=\"http:\/\/www.thebizsense.com\/za\/files\/2013\/10\/transnet.jpg\" width=\"540\" height=\"359\" srcset=\"https:\/\/www.thebizsense.com\/za\/files\/2013\/10\/transnet.jpg 600w, https:\/\/www.thebizsense.com\/za\/files\/2013\/10\/transnet-300x199.jpg 300w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p>Transnet\u2019s credit rating has been upgraded to &#8216;BBB&#8217;, with the upgrade affirming the state utility\u2019s ability to raise funds without a government guarantee.<!--more--><\/p>\n<p>The state owned ports and rail operator\u2019s credit rating was upgraded by two notches from a previous \u201cBB+\u201d to \u201cBBB\u201d\u00a0 by Fitch Ratings on Wednesday.<\/p>\n<p>The utility will be spending R307 billion over a period of seven years on improving port and rail infrastructure. It plans to raise a third of the money from a variety of funding sources, including domestic and international bond markets, with the rest being generated through cash generated from its operations.<\/p>\n<p>\u201cThe stable outlook incorporates our expectations that Transnet\u2019s operations will remain strong, despite possible weakening in improving export markets, and that management would scale back its capex in case of weaker demand expectations to maintain the company\u2019s financial profile in line with stated targets,\u201d Fitch said in a statement announcing the upgrade.<\/p>\n<p>The agency also stated that Transnet\u2019s credit profile benefits from its position in the country\u2019s rail, port and pipeline services, with a long-term contract base and business diversification underpinning its strong operating cash flows.<\/p>\n<p>\u201cThis upgrade by Fitch Ratings confirms that Transnet has appropriate processes and controls to execute the Market Demand Strategy. It also confirms that Transnet is in a position to raise funds in the market on the strength of its balance sheet without government guarantees, allowing the fiscus to channel its resources towards the country\u2019s other pressing needs,\u201d said Transnet. &#8211; SAnews.gov.za<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transnet\u2019s credit rating has been upgraded to &#8216;BBB&#8217;, with the upgrade affirming the state utility\u2019s ability to raise funds without a government guarantee.<\/p>\n","protected":false},"author":1,"featured_media":857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[27,17,1,185],"tags":[207,641,708,642,15,177],"class_list":["post-856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-news","category-transport","tag-business","tag-credit-rating","tag-finance","tag-fitch","tag-south-africa","tag-transnet"],"_links":{"self":[{"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/posts\/856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/comments?post=856"}],"version-history":[{"count":1,"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/posts\/856\/revisions"}],"predecessor-version":[{"id":858,"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/posts\/856\/revisions\/858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/media\/857"}],"wp:attachment":[{"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/media?parent=856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/categories?post=856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thebizsense.com\/za\/wp-json\/wp\/v2\/tags?post=856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}