S&P affirms Eskom

S&P said it affirmed its CCC+ foreign and local currency long-term issuer credit ratings on Eskom Holdings SOC Ltd.

The outlook is negative.

The agency also affirmed the zaB and zaB long- and short-term South Africa national scale ratings on Eskom.

At the same time, the agency affirmed the CCC+ foreign currency and local currency issue credit ratings on the senior secured and senior unsecured debt, as well as the BB foreign currency issue credit ratings on Eskom's $1 billion South African government-guaranteed issue due 2028.

“The affirmation reflects our view that Eskom continues to face the possibility of a distressed exchange or default in the next six months should its debt-raising initiatives not proceed as planned,” S&P said in a news release.

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