ESKOM HOLDINGS SOC LIMITED - Standard & Poors revises Eskoms outlook to negative and affirms credit ratings

Standard & Poor’s revises Eskom’s outlook to negative and affirms credit ratings

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

Standard & Poor’s revises Eskom’s outlook to negative and affirms credit ratings

Standard & Poor’s has announced its decision to revise their outlook on Eskom to negative
from stable. The rating agency has also affirmed the company’s foreign and local currency
long-term credit ratings of ‘CCC+’; and the long and short-term national scale ratings of ‘zaB’
and ‘zaB’. The rating agency further confirmed the ‘CCC+’ issue rating on Eskom’s senior
secured and unsecured unguaranteed notes, and lowered the rating on the government-
guaranteed foreign currency issuance to ‘BB-‘ from ‘BB’.

The rating agency’s decision follows the downgrade of South Africa on 29 April 2020, affecting
South African government-related entities such as Eskom.

Eskom has to date secured 40% of its R31 billion borrowing for FY20/21. The company remains
cautiously optimistic that they will secure the full borrowing requirement for this year.

13 May 2020

Debt Sponsor
Nedbank Corporate and Investment Banking

Date: 13-05-2020 03:17:00
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