Transnet gets another lifeline as government approves R94.8-billion in guarantee support [SOUND]

# Government has approved additional guarantee support of 94.8-billion-rand for struggling state-owned Transnet. The new guarantee comprises 48.6-billion-rand to cover all debt redemptions over the next five years, and an additional 46.2-billion-rand to mitigate against further credit rating actions. S&P Global downgraded Transnet’s credit rating due to cash burn of 13.5-billion-rand annually and failure to meet volume targets. Transport Department’s spokesperson, Collen Msibi, says government will continue to work with Transnet to ensure operational and financial improvements: