Moody's ups Eskom view to positive

Moody's Investors Service said it changed the outlook to positive from stable on Eskom Holdings Ltd.'s A2-rated €500 million issue of fixed-rated notes due 2013.

This follows Moody's change on June 5 to the outlook on South Africa's foreign-currency ratings to positive from stable, reflecting the continued improvement in the country's external liquidity and other external credit indicators in spite of widening current account deficits.

Moody's also assigned a positive outlook to the A2 country ceiling for foreign-currency bonds, which acts as a cap on ratings that can be assigned to foreign-currency-denominated obligations of other entities domiciled in the country. Eskom's A1 local-currency ratings are not affected by this rating action, the agency said.

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