Fitch keeps Eskom on watch

Fitch Ratings said it maintained Eskom Holdings SOC Ltd.'s long-term local-currency issuer default rating and unguaranteed local currency senior unsecured ratings of BB- on rating watch negative.

The agency also maintained the A(zaf) national long-term rating and F1(zaf) national short-term rating on negative watch.

In addition, Fitch affirmed the government-guaranteed local currency senior unsecured debt ratings at BB+, in line with the rating of South Africa (BB+/stable).

Fitch said the actions reflect the continued liquidity weakness, but also the progress Eskom is making in raising new funding, addressing its corporate governance issues and preparing a new corporate plan, including an update on Regulatory Clearing Account (RCA) that was brought forward to June 2018 by the regulator.

© 2015 Prospect News.
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