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Eskom to continue engaging with Moody's

Eskom says it hopes the deliberations will yield a positive outcome.

Reinart Toerien/EWN.

JOHANNESBURG - Eskom says it will continue engaging with ratings agency Moody's, as it tries to avoid a possible downgrade.

Yesterday, Moody's announced that it has placed the power utility and four other State-owned enterprises ( SOEs) on review.

Eskom says the review is unfortunate, especially since it has implemented an operations turnaround plan.

Eskom says it hopes further engagement with Moody's will resolve concerns that have informed a decision to place the utility on review for a downgrade.

Moody's says Eskom has shown increasing funding challenges which among other things are caused by the high cost of sourcing power from independent producers as well as the cost of building new power stations.

Local investors Futuregrowth Asset Management and Abax Investments have announced the implementation of funding cuts to some SOEs due to governance issues.

Eskom says it hopes the deliberations will yield a positive outcome.