Eskom was upgraded to “positive” from “stable” by the Standard & Poor’s Global Ratings (S&P Global).
S&P also affirmed Eskom’s ‘B’ issue rating on the group’s senior unsecured debt and the ‘BB-’ foreign currency issue ratings on the government guaranteed debt.
Eskom’s South Africa national scale issuer credit rating was upgraded to ‘zaBBB+’ from ‘zaBBB’, with the short-term national scale rating of ‘zaA-2’ reaffirmed.
Dan Marokane, Eskom’s Group Chief Executive, said “this upgrade is a clear indicator of the progress we are making in strengthening Eskom’s financial and operational foundation. It sends a positive message to investors and stakeholders, reinforcing trust in our ability to deliver energy security while driving long-term sustainability.”
He also said Eskom success is in improving generation performance and achieving over R16 billion in diesel savings.
” Sustaining this momentum will support Eskom’s path to profitability and reduce our reliance on fiscal support in the future.”
Eskom will continue to focus on implementing generation recovery, strengthening governance and tackling crime and corruption while future-proofing the organisation to enable energy security, growth, and long-term sustainability for the benefit of South Africa and sub-Saharan Africa.