CAPE TOWN – Standard & Poor’s on Thursday maintained Eskom's foreign and local currency long-term credit ratings at CCC+, below sub-investment status.
The rating agency also affirmed Eskom’s ‘zaB’ and ‘zaB’ long and short-term national scale ratings.
The decision was announced a day after Eskom posted its interim results for 2018-19, with chairman Jabu Mabuza stating that the company remains locked in a loss-making situation.
Eskom's newly appointed chief financial officer Calib Cassim said the power utility was encouraged by the ratings agency's decision to affirm its ratings and viewed it as a further sign of improving sentiments towards Eskom as management seeks to steer it towards stability.
"While Eskom’s financial and operational performances have deteriorated, the company’s liquidity levels have improved significantly from what they were at the same time last year. Standard & Poor’s sentiment and rationale remain consistent with other ratings agencies and the affirmation is evidence of the slight shift in sentiment by the rating agencies," the company said.