Electricity: Eskom notes ratings change

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It had noted the downgrading of its credit rating by Fitch ratings agency, Eskom said on Friday. “Eskom takes note of the action by Fitch to revise its ratings outlook of Eskom to negative from stable,” said the electricity utility. “The ratings agency has also affirmed the long-term local currency issuer default rating of BBB+.” Given the state’s strong support of Eskom, the downgrade was a result of South Africa’s outlook being downgraded to negative from stable by the agency. “Fitch only formally rates the local currency and national credit ratings of Eskom,” the company said. Eskom finance director Tsholofelo Molefe said: “We continue to target the stability of Eskom’s credit profile to efficiently fund the infrastructure investment programme.” – Sapa

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