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S&P Global Ratings upgrades Eskom’s credit ratings BIESKM
Eskom Holdings SOC Limited
(Registration No. 2002/015527/06)
JSE alpha code: BIESKM
("Eskom" or the "Group")
S&P Global Ratings upgrades Eskom's credit ratings
On 24 November 2025, S&P Global Ratings ("S&P") announced their decision to raise Eskom's
foreign and local currency long-term ratings to 'B+' from 'B', outlook is stable. S&P also raised to
'B+' from 'B' Eskom's senior secured and senior unsecured debt. Further revision was made on
Eskom's foreign currency rating on the government-guaranteed debt to 'BB' from 'BB-'. The long-
and short-term South Africa national scale ratings on Eskom were also raised to 'zaA/zaA-1' from
'zaBBB+/zaA-2'.
Eskom welcomed S&P's positive revision of the company's credit ratings as a reflection of its
disciplined approach to delivering its turnaround strategy, underpinned by effective corporate
governance processes. These governance processes have played a critical role in ensuring
accountability, transparency, and effective oversight, enabling the company to consistently execute
its strategic objectives.
Commenting on the credit rating actions by S&P, Dan Marokane, Group Chief Executive at Eskom
said, "Eskom has successfully emerged from the generation crisis by improving its internal
efficiencies through a robust strategic direction which include among others transitioning towards
lower-carbon energy sources. In this current financial year, we delivered consistent electricity
supply 97.9% of the time, compared to 96% in FY25. This operational stability has been matched
by strong financial performance, which includes our first profitability in eight years in FY25. Our
commitment remains clear: to support South Africa's growth through reliable, affordable electricity.
Our internal strategic interventions are designed to maintain the positive momentum, enhance
financial performance and increase Eskom's appeal to capital market investors."
Noteholders may view or download the detailed report on the following website:
https://www.spglobal.com/ratings/en
Johannesburg
25 November 2025
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 25-11-2025 11:16:00
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