Pretoria - The South African National Roads Agency (Sanral) has welcomed the announcement by Moody’s Investor Services to change its rating outlook from negative to stable.
“This upgrade highlights the significant progress that has been made in restoring investor confidence.
“It particularly welcomes that Moody’s have singled out the success of good e-toll collections related to the Gauteng Freeway Improvement Project as a key factor in their decision,” said Sanral CEO Nazir Alli.
Moody’s have also affirmed the issuer ratings of the Agency of Baa3/P‐3 (global scale, local‐ and foreign‐currency) and A3.za/P‐2.za (South African national scale).
The rating affirmation and outlook r change is as a result of increased revenue due to e‐toll collections – which increased Sanral’s total toll revenue from R2.1 billion at FYE2013 to R3.4 billion for the financial year ended 31 March 2014 (FYE2014).
Moody’s has stated that it expects toll revenues to grow to R4.1 billion by FYE2015, of which R1.8 billion was solely from GFIP.
This growth in revenue would enable Sanral to continue executing its mandate given by government: to develop, finance and manage the national road infrastructure in South Africa.
“This rating affirmation, but more especially the outlook change, would not have been possible without the public’s support – support from the companies, large and small, and the road users who have been doing the right thing by paying for the world-class roads. We would like to express our sincere thanks to all of them,” he said.
Alli reminded road users to pay their outstanding e-toll accounts. “If you register now, before 1 July 2014, and pay all your outstanding tolls from December last year to end February this year, you will pay the cheapest rate for that time,” said Alli.
To qualify for the extension, he said, one does not have to get an e-tag. - SAnews.gov.za
