Fitch Ratings has upgraded Eskoms long-term issuer default rating to B from B, with a stable outlook, strengthening the utilitys credit standing as it continues to seek funding for its turnaround and capital investment programme.
The agency also upgraded Eskoms senior unsecured debt to B from B while the recovery rating remained unchanged at RR4. Eskoms guaranteed senior unsecured debt was upgraded to BB from BB-.
The rating action follows Fitchs recent upgrade of South Africas sovereign credit rating. Fitch upgraded South Africas long-term foreign and local currency credit ratings to BB from BB- on June 5, maintaining a stable outlook.
