Ratings agency Moody’s Investors Service changed Transnet’s outlook to negative from stable because of R52.5bn of the rail utility’s debt maturing in the next few years and its weakened liquidity position.

Moody’s affirmed all Transnet’s ratings, including its Baa3 senior unsecured rating, on Thursday. The negative rating is unlikely to change and is tied to SA’s sovereign rating, which Moody’s is watching closely. Transnet’s ratings are at investment grade...

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