Fitch affirms Eskom Holdings

Fitch Ratings said it affirmed Eskom Holdings SOC Ltd.'s long-term local currency issuer default rating and unguaranteed local currency senior unsecured ratings at BB-.

The agency also affirmed the national long-term rating at A(zaf) and the national short-term rating at F1(zaf).

In addition, Fitch removed the ratings from rating watch negative.

The outlook is negative.

The agency also affirmed the government-guaranteed local currency senior unsecured debt ratings at BB+.

“The affirmation of the rating and the resolution of the RWN are supported by the improvement in liquidity and steps taken by the board and management to improve corporate governance, as well as by the regulatory clearing account (RCA) decision,” Fitch said in a news release.

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