en.Wedoany.com Reported - The state-owned Trans Caledon Tunnel Authority (TCTA) has received a positive outlook adjustment from Moody's for its water infrastructure projects. In its latest credit opinion released on May 27, the rating agency revised the outlook for this project portfolio from stable to positive.

The projects covered include: the Berg River Voëlvlei Incremental Project, the Vaal River Eastern Subsystem Incremental Project, the Komati River Water System Incremental Project, the Mokolo-Crocodile River (West) Water Augmentation Project, the Berg Water Project, and the Vaal River System. Moody's stated in its report that the rating is based on a top-down notch-down from the South African government's rating due to supporting factors. The agency noted in its statement that, given the close operational and financial ties between the South African government and TCTA, as well as TCTA's public policy mandate with limited autonomy, a meaningful assessment of the project's credit profile on a standalone basis is not feasible.

TCTA Chief Executive Officer Percy Sechemane welcomed the rating agency's opinion, stating that the latest positive rating is a result of the improvement in the sovereign rating and also marks a strong vote of confidence in the entity relative to the sovereign rating. TCTA's mission is to provide financing and implementation support for bulk raw water infrastructure projects, and it operates as an implementation and financing agent for South Africa's Department of Water and Sanitation.

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