[miningmx.com] – CREDIT rating agency Standard & Poor’s (S&P) downgraded South African power utility Eskom’s long-term local and foreign currency rating to BBB- from BBB. The agency has also placed Eskom on CreditWatch with potential negative implications.
“Eskom notes the ratings action by S&P and we are certainly concerned about the CreditWatch which has negative implications. We are confident that a solution will be forthcoming,’ said Tsholofelo Molefe, Eskom finance director.
“We are currently engaging Government to address Eskom’s capital structure. Eskom remains integral to the South African economy and it continues to rely on a stable financial profile and Government support to execute its infrastructure investment programme’, Molefe said.
