Rating agency S&P Global says it is cutting its rating on Eskom to ‘CCC+’ and ‘zaB’ from ‘B-‘ and ‘aBB-‘.
It’s cited that Eskom remains at risk of a distressed exchange situation or default in the next six months.
S&P also believes that there’s a lower likelihood that Eskom would receive extraordinary support from government.
It says government’s support for the utility over the past few months has been insufficient given that the utility’s liquidity concerns persist.
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