ESKOM HOLDINGS SOC LIMITED - Credit Rating Announcement

Credit Rating Announcement

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

Credit rating announcement

Fitch Ratings has announced their decision to downgrade Eskom’s Long-Term Local-
Currency Issuer Default Rating (IDR) to 'B' from 'B+' with a Negative Outlook; the senior
unsecured debt was also downgraded to 'B'/'RR4' from 'B+' and the senior unsecured
guaranteed debt to 'BB-' from 'BB'. The action follows the announcement of the sovereign
rating downgrade announced by the rating agency on 20 November 2020.

Tied to Fitch’s decision to downgrade the company’s credit rating is Eskom’s financial
profile and low liquidity levels. Eskom reiterates that it is making steady progress on the
turnaround of the company and work is being undertaken with the relevant shareholder
ministries to ensure that the company achieves the desired financial and operational
sustainability.

27 November 2020

Debt Sponsor
Nedbank Corporate and Investment Banking

Date: 27-11-2020 01:29:00
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