Fitch boosts Eskom

Fitch Ratings said it upgraded Eskom Holdings Ltd.'s local currency long-term rating to A from A-.

At the same time, the agency said it affirmed Eskom's national rating at AAA(zaf). The outlook remains stable.

The rating action follows the upgrade of the Republic of South Africa's foreign currency sovereign rating to BBB+ and local currency rating to A with a stable outlook, Fitch said.

This upgrade reflects Fitch's view that Eskom benefits from implied government support, given the utility's strategic importance to the economy.

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