Eskom-Credit Rating Affirmation

Eskom Holdings SOC Limited
(Registration No. 2002/015527/06)
JSE alpha code: BIESKM
("Eskom" or the "Group")

Fitch affirms Eskom's credit ratings


Noteholders are referred to the Fitch Ratings ("Fitch") press release dated 21 May 2026. Fitch has
affirmed Eskom Holdings SOC Ltd.'s Long-Term Local-Currency Issuer Default Rating at 'B' with a
Stable Outlook. Fitch has also affirmed Eskom's senior unsecured debt at 'B' with a Recovery
Rating of 'RR4', and its senior unsecured guaranteed debt at 'BB-'.


The affirmation reflects the strong links between Eskom and South Africa (BB-/Stable) under Fitch's
latest Government-Related Entities rating criteria.


Fitch has also maintained Eskom's Standalone Credit Profile at 'ccc+', reflecting Eskom's continued
reliance on government support under the debt relief programme to sustain liquidity.


Noteholders    may     view    or    download     the   detailed   report   on   Fitch's   website:
https://www.fitchratings.com/research/corporate-finance/fitch-affirms-eskom-at-b-outlook-stable-21-
05-2026

Johannesburg
21 May 2026


Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 21-05-2026 05:11:00
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