S&P downgrades Eskom

S&P said it lowered the long-term foreign and local currency corporate credit ratings on Eskom Holdings SOC Ltd. to B- from B+.

The outlook is negative.

At the same time, the agency lowered the long- and short-term South Africa national scale ratings on the company to zaBB-/zaB from zaBBB/zaA-2.

S&P said the downgrade follows that of the sovereign, and stems from concerns about the South African government's willingness and ability to provide sufficient and timely support to Eskom.

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