Moody's downgrades Eskom
International credit ratings agency Moody's has downgraded the corporate family rating (CFR) of Eskom to Ba2 from Ba1 with a negative outlook.
Eskom's Chief Financial Officer, Anoj Singh, says the downgrade is driven by the downgrade of the South Africa's sovereign credit rating.
"Eskom has secured 53% of this fiscal year's funding requirement and we remain resolute that we will fully execute the required funding for the year, albeit under challenging market conditions," says Singh.
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"Our liquidity levels remain healthy and Eskom's financial profile continues to improve and stabilise. Backed by the availability of the government guarantees and the stable financial profile; we do not foresee significant impediments in the execution of the remainder of the FY17/18 funding requirement."