Moody’s Investor Services has downgraded power utility Eskom’s credit ratings, this just a day after announcing a downgrade of South Africa’s five major banks. In a statement on Wednesday morning, Eskom announced that Moody’s had downgraded the corporate family rating (CFR) of Eskom Holdings SOC Limited (Eskom) to Ba2 from Ba1. The rating agency also revised the senior zero coupon Eurobonds (Section 7 debt under the Eskom Conversion Act, 2001) rating to Ba2 from Ba1 in line with the CFR, while simultaneously, Moody’s had downgraded to Ba3/(P) Ba3 respectively the unsecured global medium term notes (GMTN) and GMTN programme of Eskom. The outlook on all ratings was negative, Eskom added. The power utility said the downgrade followed the rating agency’s decision to downgrade South Africa’s Sovereign credit… Next »
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