ESKOM HOLDINGS SOC LIMITED - BIESKM - Fitch Ratings upgrades Eskom?s credit ratings

BIESKM - Fitch Ratings upgrades Eskom’s credit ratings

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

Fitch Ratings upgrades Eskom's credit ratings


In accordance with paragraph 6.28 of the JSE Debt and Specialist Securities Listings
Requirements, noteholders are advised that Fitch Ratings has upgraded Eskom's credit ratings as
follows:
    •      Long-Term Issuer Default Ratings: upgraded to B+ from B; Outlook Stable;
    •      Senior unsecured debt: upgraded to B+ from B; Recovery Rating of RR4 unchanged; and
    •      Guaranteed senior unsecured debt: upgraded to BB from BB-.


The rating action follows the recent upgrade of the Republic of South Africa's sovereign credit rating
and reflects Eskom's strong linkage to the sovereign under Fitch's Government-Related Entities
rating methodology.


Noteholders may access Fitch Ratings' full rating commentary, including the key rating drivers, at
https://www.fitchratings.com/research/corporate-finance/fitch-upgrades-eskom-to-b-following-
sovereign-upgrade-12-06-2026

Johannesburg
12 June 2026


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

Date: 12-06-2026 02:30:00
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