Fitch upgrades Eskom

2014-01-17 09:00

Eskom has welcomed the upgrade by Fitch Ratings of its national long-term ratings, including its affirmation of its stable outlook.

Fitch states that the “upgrades reflect a recalibration of the higher end of the SA national ratings scale”.

Fitch says that Eskom’s ratings continue to reflect the strong government support, including the direct government guarantees. In 2011, government increased guarantees awarded to Eskom from R176 billion to R350 billion, of which R138 billion has been utilised.

Eskom chief executive Brian Dames said: “The positive rating action is very helpful at this critical time as Eskom continues to execute the current expansion programme.

“A positive rating adjustment will assist Eskom in accessing funding in capital markets and it will improve investor confidence.”

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