SA roads agency rating hit

South African National Roads Agency’s (SANRAL) long-term international scale issuer rating has been pulled down to B+ from BB- by GCR Ratings.

The downgrade of the South Africa-based infrastructure company follows the drop in the country’s risk score – and a reduction in the sector risk score for state-owned companies.

GCR is concerned about South Africa’s weak domestic fiscal position, with negative economic growth expected in the short term due to the coronavirus disease 2019 (COVID-19).

Meanwhile, GCR has affirmed SANRAL’s long- and short-term national scale issuer ratings at A(ZA) and A1(ZA) respectively.

See issuer details here