https://www.engineeringnews.co.za
Eskom|Financial
Eskom|Financial
eskom|financial

Fitch Ratings affirms Eskom’s long-term issuer default rating at ‘B’

1st June 2023

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Eskom has responded positively to Fitch Ratings’ decision to affirm the utility’s long-term local currency issuer default rating at ‘B’ with a stable outlook.

The ratings agency on May 30 announced its decision, basing it primarily on Eskom’s link to national government as a State-owned enterprise and the debt relief package government has committed to provide to Eskom.

Finance Minister Enoch Godongwana announced in his Budget speech in February that National Treasury would pay down R254-billion of Eskom’s debt over the next three years.

This will be in the form of advances of R78-billion in the 2023/24 financial year, R66-billion in the 2024/25 financial year, and R110-billion in the 2025/26 financial year, the latter of which comprising a R40-billion advance and taking over of R70-million of the loan portfolio. 

Eskom considers Fitch’s rating decision to be an encouragement of the cooperative and ongoing efforts to restore Eskom’s financial stability, operational performance and long-term sustainability.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Economic growth a top priority for GNU
Economic growth a top priority for GNU
19th July 2024 By: Creamer Media Reporter
Magazine round up | 19 July 2024
Magazine round up | 19 July 2024
19th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.514 0.578s - 209pq - 2rq
Subscribe Now