Fitch upgrades Eskom

Fitch Ratings said it upgraded the national ratings of Eskom Holdings SOC Ltd. to AAA(zaf) from AA+(zaf) and Rand Water to AA+(zaf) from AA(zaf).

The outlook is stable.

The upgrades reflect a recalibration of the higher end of the South African National Rating scale, Fitch said.

Eskom's ratings are aligned with the sovereign ratings and continue to reflect its strong links with the state, including direct government guarantees for a large part of the company's debt, the agency said.

Rand Water's ratings are one notch below the sovereign ratings and continue to reflect its strong links with the state, Fitch said.

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