S&P cuts Eskom Holding

Standard & Poor's said it lowered the long-term local-currency corporate credit and senior secured debt ratings on Eskom Holding Ltd. to BBB+ from A-, along with the long-term national scale rating to zaAA from zaAA+.

The long-term foreign-currency and the short-term national scale ratings were affirmed at BBB+ and zaA-1, respectively.

The outlook is negative.

The downgrades reflect the revised methodology and assumptions for rating government-related entities, S&P said.

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