Moody’s hikes Sanral’s rating outlookComment on this story
Johannesburg - The SA National Roads Agency Limited (Sanral) has welcomed Moody's Investor Services' upgrading of its rating outlook from negative to stable.
“This upgrade highlights the significant progress that has been made in restoring investor confidence,” Sanral chief executive Nazir Alli said in a statement on Friday.
“It is particularly welcome that Moody's has singled out the success of good e-toll collections related to the Gauteng Freeway Improvement Project (GFIP) as a key factor in their decision.”
The rating affirmation and outlook change were as a result of increased revenue due to e-toll collections, which increased Sanral's total toll revenue from R2.1 billion in 2013 to R3.4bn for the financial year ended March 31, 2014.
Sanral said Moody's had stated that it expected toll revenues to grow to R4.1bn by 2015, of which R1.8bn would be from the GFIP.
“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,” said Alli. - Sapa