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Standard and Poor’s Global Ratings downgrades Eskom’s ratings to ‘CCC+’
ESKOM HOLDINGS SOC LTD
JSE CODE: BIESKM
DATE: 28 FEBRUARY 2018
MEDIA STATEMENT
Standard and Poor’s Global Ratings downgrades Eskom’s ratings to ‘CCC+’
Wednesday, 28 February 2018: Eskom notes the decision by Standard and Poor’s
Global Ratings (S&P) to downgrade Eskom’s long-term foreign and local currency
corporate credit rating to ‘CCC+’ from ‘B-’; outlook remains negative.
The review of Eskom’s credit rating is largely based on S&P’s assessment of the
assumed likelihood of sufficient and timeous government support for Eskom from
‘very high’ to ‘high’; this, given the company’s current liquidity challenges.
“Eskom notes the decision by S&P to downgrade the credit rating as largely based
on the strain on our liquidity levels. We have been and continue to be in extensive
engagements with key stakeholders to resolve Eskom’s current governance related
and liquidity issues. Further, we have demonstrated visible actions that have been
implemented to turn this company around. We are comfortable that government has
provided Eskom with tangible support to ensure that Eskom’s governance related
and liquidity challenges are expediently resolved,” said Phakamani Hadebe, Eskom
Interim Group Chief Executive.
“The timing of the downgrade is unfortunate as we believe that we are starting to see
slight improvements in markets sentiments. We will continue to engage with the
rating agencies and various key stakeholders on the implementation and progress of
the turnaround strategy with the ultimate goal of providing enough comfort to
investors that we are on a path to stabilizing Eskom’s operational and financial
profile,” said Calib Cassim, Eskom Acting Chief Financial Officer
ENDS
Eskom Media Desk
Tel: +27 11 800 3304 / 3343
Fax-to-Email: 086 664 7699
Email: mediadesk@eskom.co.za
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