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Moody's affirms Eskom's rating

Moody’s has set at BAA1 with a negative outlook for Eskom.

Picture: Reinart Toerien/EWN.

JOHANNESBURG - Just days after the Moody's agency moved to affirm South Africa's sovereign credit rating it has now affirmed Eskom's rating as well.

It's set at BAA1 with a negative outlook.

The country was hit by severe load shedding last year but has managed to stabilise the power grid.

In March last year, Moody's placed Eskom on review for a potential downgrade.

However, the agency says the parastatal may now actually see its outlook revised to stable if the company continues to improve its operational and financial performance.

Moody's has cited Eskom's strategic importance to government's social and economic policies and notes the prospect of government support in times of distress.

Last week, President Jacob Zuma visited Eskom saying load shedding was a problem of the past.

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