Global rating agency Fitch has reaffirmed Eskom’s credit ratings, maintaining the power utility’s long-term local-currency rating at ‘B’
Image: Timothy Bernard / Independent Newspapers
Global rating agency Fitch has reaffirmed Eskom’s credit ratings, maintaining the power utility’s long-term local-currency rating at ‘B’ with a stable outlook.
The rating agency also affirmed Eskom’s senior unsecured debt at ‘B’ and its guaranteed debt at ‘BB-’, while maintaining the utility’s standalone credit profile at ‘ccc+’.
Fitch cited improving operations and the utility’s strong links to the South African government as key factors supporting the ratings, even as Eskom continues to navigate financial challenges.
Eskom Group Chief Executive Dan Marokane said reaching a full year without load shedding was an important milestone for the utility.
He said the company is focused on improving operations, restoring financial stability, and supporting the country’s energy needs, including the integration of renewable energy.
“We remain singularly focused on delivering the turnaround plan that is central to continuing to restore Eskom’s operational and financial stability. Reaching the milestone of one year without load shedding on Saturday, 16 May advances this stability, as well as the South African and Sub-Saharan Africa economy, competition and the integration of renewable energy,” Marokane said.
IOL previously reported that Eskom says South Africa has reached a major energy milestone after recording 365 consecutive days without load shedding for the first time since 2018.
The utility announced the “milestone” in a media statement on Saturday.
“At 00:01 today, Eskom delivered for South Africa one full year without a single second of load shedding, a milestone last achieved eight years ago in September 2018.”
Eskom said the achievement marked a decisive turning point and a structural shift from a recovering grid to a stable, high-performing power system.
“While the legacy of loadshedding once constrained economic activity and strained South African households, 365 consecutive days of uninterrupted power supply represent more than operational progress, it is a restoration of national confidence,” it said in a statement
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