Moody's lowers Eskom

Moody's Investors Service said it lowered the local currency rating of Eskom Holdings Ltd. to Baa2 from A1 and also lowered Eskom's foreign currency rating to Baa2 from A2.

Moody's said it also lowered its baseline credit assessment on Eskom to 13 from 8.

The outlook is negative.

The rating actions conclude Moody's review for possible downgrade initiated on May 20.

The agency said that its BCA of 13 and Baa2 ratings for Eskom reflect its strategic importance to the South African economy, resulting in Moody's assessment of high dependence and high support from the government, rated A2.

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