ESKOM HOLDINGS SOC LIMITED - Moody's upgrades Eskom's unguaranteed ratings and changes its rating outlook to stable

Moody's upgrades Eskom's unguaranteed ratings and changes its rating outlook to stable

Eskom Holdings SOC Limited
(Registration No. 2002/015527/30)
JSE alpha code: BIESKM
(“Eskom” or “the company”)

Moody's upgrades Eskom's unguaranteed ratings and changes its rating outlook to stable

Eskom takes note that following the passing of the Eskom Debt Relief Act, Moody's Investors
Service made changes to its ratings by upgrading the long-term corporate family rating of
Eskom Holdings SOC Limited to B2 from Caa1, its senior unsecured global medium-term notes
to B2 from Caa2, its global medium term note programme to (P)B2 from (P)Caa2, and its zero-
coupon Eurobonds to B2 from Caa1.

Moody's has also upgraded Eskom's probability of default rating to B2-PD from Caa2-PD, its
baseline credit assessment to Caa1 from Caa3 and its national scale rating long-term
corporate family rating to Baa3.za from B1.za.

Moody's has also changed the outlook to stable from positive.

The full report is published on the ratings agency’s website:
https://www.moodys.com/research/Moodys-upgrades-Eskoms-unguaranteed-ratings-
changes-outlook-to-stable-Rating-Action--PR_480012.

Johannesburg
7 September 2023

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

Date: 07-09-2023 08:22:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.