ESKOM HOLDINGS SOC LIMITED - Upgrade in credit rating

Upgrade in credit rating

Eskom Holdings SOC Limited
(Registration No. 2002/015527/06)
JSE alpha code: BIESKM
("Eskom" or the "Group")

Upgrade in credit rating


S&P Global Ratings ("S&P Global") has announced their decision to upgrade Eskom's long-term
issuer credit rating to 'B' from 'CCC+' with a Stable outlook on the Group's senior secured and
senior unsecured debt. In addition, S&P Global also upgraded Eskom's South Africa national scale
rating to 'zaBBB/zaA-2' from 'zaB/zaB'.


The credit rating upgrade is due to S&P Global's expectation that the South African government's
R254 billion financial support package, as part of the Eskom Debt Relief Act signed into law on 7
July 2023, will cover Eskom's debt servicing and repayment obligations over the current and
coming two financial years.


The Stable outlook reflects S&P Global's view that the Group's creditworthiness will continue to
benefit from explicit and timely support from the South African Government, facilitating a
strengthening of Eskom's liquidity position and less risk of default as the debt relief agreement is
implemented as stipulated.


Johannesburg
27 November 2023


Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 27-11-2023 08:38:00
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