S&P Global Ratings has upgraded Eskom’s foreign and local currency long-term credit ratings to a Stable Outlook.
The power utility was previously rated B to B+.
Dan Marokane, Group CEO of Eskom, welcomed this latest announcement, which also applies to the utility’s senior secured and unsecured debt.
The Government’s guaranteed foreign currency debt was raised from BB- to a BB+.
Eskom’s national scale rating improved from zaBBB+/zaA-2 to zaAV/zaA-1.
“The upgrade reflects the measurable impact of Eskom’s Turnaround Plan, which has stabilised generation, improved financial performance and strengthened governance. Operational improvements have been substantial: Eskom delivered electricity 97.9% of the time in the current financial year, compared to 96% in FY2025” said Marokane.