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Media Statement
MEDIA STATEMENT
Eskom notes downgrade by Standard & Poor’s
Wednesday, 17 October 2012: Credit rating agency Standard & Poor’s has today
announced that it has downgraded Eskom’s credit rating by one notch, as a consequence
of its recent decision to downgrade the South African sovereign rating.
On 12 October 2012 Standard & Poor’s lowered the long term foreign and local currency
ratings on the Republic of South Africa to BBB and A-, respectively. In accordance with its
criteria for government-related entities, Standard & Poor’s has therefore lowered Eskom’s
long-term foreign and local currency credit ratings to BBB from BBB+. It has also retained
its negative outlook on Eskom as with the sovereign.
Although Eskom’s credit rating remains investment grade, with the support of government,
the recent downgrades by Moody’s and Standard & Poor’s are a concern.
An investment grade credit rating is critical to access the cost-effective funding needed to
ensure that Eskom and the industry can invest in the electricity infrastructure which South
Africa needs.
ENDS
Issued by: Eskom Media Desk
Tel: +27 11 800 3304/3309/3343/3378
Cell: +27 82 805 7278
Fax: 086 664 7699
Email: mediadesk@eskom.co.za
Date: 17/10/2012 02:11:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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