Fitch downgrades Eskom

Fitch Ratings said it downgraded Eskom Holdings SOC Ltd.’s long-term local-currency issuer default rating to B from B+ with a negative outlook. Fitch also trimmed the senior unsecured debt to B/RR4 from B+/RR4 and the senior unsecured guaranteed debt to BB- from BB.

The downgrade reflects the sovereign downgrade on Nov. 20 to BB- with a negative outlook from BB, Fitch said. The rating reflects the agency’s view of the strength of Eskom’s links to South Africa’s government.

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