South Africa’s State-owned transport and logistics company, Transnet, will run out of money for operations and debt-servicing within three months unless it gets a government bailout, according to Moody’s Ratings.

The ratings firm has placed Transnet on review for a possible credit downgrade, citing concerns over its “unsustainable” capital structure, deteriorating liquidity position, slow pace of operational improvements and absence of support from the government.

“The company requires additional government support to refinance upcoming debt maturities and secure funds for its expanded capex programme,” Moody’s said in a statement. Transnet’s available cash and credit lines “will only be sufficient to reliably cover the company’s operating and investing needs as well as upcoming debt maturities for the next three months,” it said.

Transnet, beset by corruption, theft and dilapidated infrastructure and equipment, is seeking to boost private participation in its ports and railways, whose poor performance has dragged down the economy. The company’s container ports rank among the least efficient globally, according to the World Bank and S&P Global Market Intelligence.

Operational performance has improved at a slower pace than planned, with revenue increases driven by higher tariffs rather than increased volumes, Moody’s said. Debt is “excessively high,” leading to unsustainable debt-servicing costs, while progress on asset sales and private-sector participation has been slow.

“Government remains supportive of Transnet and will provide additional guarantees or other assistance to prevent default on its upcoming debt maturities,” Moody’s said. “However, the lack of a formal announcement so far creates uncertainty and heightens default risk.”

Transnet didn’t immediately respond to Bloomberg’s emailed request for comment.