Fitch upholds Eskom rating at BBB+
Ratings agency Fitch has affirmed energy utility Eskom’s long-term local currency Issuer Default Rating at ‘BBB+’, with a ‘negative’ outlook.
Fitch said in a statement that government’s indication of support to the utility through a R350-billion Guarantee Framework Agreement and planned equity injection, coupled with the company’s cost-cutting and efficiency measures, as well as the “moderately supportive” tariff determination, were the key drivers of the rating affirmation.
“Eskom is pleased that Fitch acknowledges the support package as having a stabilising impact. Eskom, together with the Inter-Ministerial Committee, will continue to address solutions to the long-term sustainability of the group within the sector,” noted Eskom FD Tsholofelo Molefe.
Eskom CEO Tshediso Matona added that the affirmation would assist Eskom in its endeavours to execute the planned additional funding initiatives and ensure that it secured the funding required to effectively complete its current capital expenditure programme.
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