South African National Roads Agency SOC Limited

Image placeholder
South African National Roads Agency SOC Limited
  • South African National Roads Agency SOC Limited
  • Year : Oct 2019
2 Tokens
USD 150.00

SANRAL’s credit rating is premised upon the substantial ongoing financial support provided by the Government of South Africa (“GoSA”). This support is provided both to cover ongoing operational requirements, as well as anticipated extraordinary requirements. GCR expects such financial support to persist, given the importance of SANRAL’s economic mandate and the guarantees issues by the GoSA to most of SANRAL’s debt, as well as the cross defaults between SANRAL debt and other Government guaranteed debt. In light of this GCR has applied the credit support floor.

Additional Information

SANRAL plays a critical role in the South African economy. It operates within a legislated mandate, with clear guidelines as to its responsibilities and obligations in terms of operating and maintaining national roads in South Africa. In this regard, it benefits from a close operating relationship with the Department of Transport, and does not face any competition in its sphere of obligations. Moreover, SANRAL is protected from insolvency by legislation. Furthermore, its performance is not impacted by competition or pricing related pressures, aside from the potential loss of traffic volumes on some toll roads due to general economic cyclicality.

Related Publications

Hospitality Property Fund Limited (2017-11)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Industry Research: Real Estate Investment Trusts

The rating of CC(ZA) accorded to Rebosis Property Fund is not derived from the ACE but is rather a factor of expected default scenario.The graphs p...

Rating Securitisation Transactions Involving Intermediate SPVs

This report explains GCR’s approach to the risks related to each of these SPVs to rate the debt issued by the Issuing SPV. Please note that t...

Available Purchase Options: