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Eskom: Standard & Poor’s affirms Eskom Holdings SOC Limited credit rating at ‘BB-’

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Eskom: Standard & Poor’s affirms Eskom Holdings SOC Limited credit rating at ‘BB-’

22nd March 2017

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Standard and Poor’s (S&P) has affirmed their ‘BB-’ global scale and ‘zaBB+/ZaB’ national ratings on Eskom; outlook remains negative.

Citing the implicit strong government support for Eskom through the extension of the R350 billion Guarantee Framework Agreement (GFA) utilisation period to March 2023 from March 2017 as the rationale for the affirmation; S&P also highlighted Eskom’s challenging regulatory environment and its potential risk on the company’s ‘liquidity and ability to service debt’.

“We are pleased by S&P’s decision to affirm our credit ratings. This action demonstrates the positive results that the company has realised from the implemented turnaround strategy; we are acutely aware of the regulatory challenges highlighted in the rating agency’s report and are engaging NERSA on this matter. We also strongly believe that with the company’s improving operations and financial profile, and ensuring sufficient liquidity; we will address the concerns cited by the rating agency”, said Anoj Singh, Eskom’s Chief Financial Officer.

 

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