Moody's rates Eskom notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to the $4 billion global medium-term note program of Eskom Holdings SOC Ltd.

The outlook is negative.

The assigned provisional rating on the note program is in line with the Baa3 rating on the company's senior unsecured bonds that Moody's rates.

Moody's said the rating reflects that the state-owned group continues to be of critical strategic and economic importance to the government of South Africa as the country's dominant electric utility, engaged in a significant investment program to expand and upgrade the country's electricity infrastructure to meet the country's changing power needs.

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