Transnet risks defaulting on multi-billion rand near-term debt

[John Ashworth]

Transnet risks defaulting on multi-billion rand near-term debt due to its struggle to raise new long-term debt

TRANSNET, the state-owned logistics company, yesterday vowed to work with the government to guide its future audits as the group risks defaulting on multi-billion rand near-term debt maturities due to its struggle to raise new long-term debt to bolster its diminishing liquidity profile. This comes as Moody’s Investor Services has downgraded Transnet’s ratings status due to its weak liquidity profile and weak corporate governance...