Fitch affirms Eskom

Fitch Ratings said it affirmed Eskom Holdings SOC Ltd.'s long-term local-currency issuer default rating at BB- with a negative outlook.

“The affirmation reflects the provision of equity support of ZAR 151 billion from the South African government in financial year ending March 2020 (FY20) to FY23,” the agency said in a news release.

Fitch said it estimates the equity support during this period would cover its entire cash interest obligation.

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