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Government agrees to meet Sanral's debts
The government has undertaken to meet the financial commitments and debt obligations of the South African National Roads Agency Limited (Sanral) after the e-tolling project was indefinitely suspended.
Business Report quotes Logan Maistry, spokesman for Transport Minister Sbu Ndebele as saying that the National Treasury had confirmed that it will pay debts incurred as part of the R20bn Gauteng Freeway Improvement Project.
Last week Moody's Investor Services placed Sanral on review for a possible ratings cut, citing the decision to delaying tolling as placing additional strains on Sanral's cash flow. Sanral has enough cash to meet its operating and debt servicing costs until June.
Sanral holds R29,8bn in bonds.
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