Fitch Ratings has announced its decision to affirm Eskom Long-Term Local Currency Issuer Default Rating (IDR) of ‘BB-‘, with a negative outlook.
Eskom responds to Fitch rating
Eskom’s Acting Group Chief Executive, Jabu Mabuza said, “we continue to engage with our shareholder ministries on feasible options to transition Eskom to financial sustainability. We are grateful for the support that we’ve received from the shareholder ministries and all key stakeholders including our employees in our endeavour to steer this company towards the desired financial and operational sustainability.”
Mabuza added: “We are not complacent and we are aware of how vital Eskom is to ensuring that South Africa’s economic growth targets are achieved, and ensuring
Rating South Africa’s outlook
Fitch has simultaneously maintained the National Long-Term Rating at ‘A(zaf)’ and the National Short-Term Rating at ‘F1(zaf)’.
The rating agency has also affirmed the government-guaranteed local currency senior unsecured debt ratings at ‘BB+’, in line with the rating of South Africa (BB+/Stable Outlook).