Eskom earns major ratings upgrades from S&P Global
louis Buyisiwe
Nov 27, 2024
Eskom Technician maintains electrical powerline
S&P Global has upgraded Eskom’s credit ratings, reflecting better performance by the state-owned company. The long-term global rating improved from stable to positive, while the national credit rating increased to ‘zaBBB+’. Short-term ratings were also reaffirmed.
Eskom credits the upgrades to the R254 billion financial support provided through the Eskom Debt Relief Act, signed in July 2023. This bailout will help Eskom manage debt payments until 2026, improving its financial stability.
CEO Dan Marokane said,
“This upgrade is a clear indicator of the progress we are making in strengthening Eskom’s financial and operational foundation. It sends a positive message to investors and stakeholders.”
The company also highlighted success in reducing costs, including saving over R16 billion in diesel, and improving power generation. Eskom plans to keep focusing on recovery, governance, and fighting corruption to ensure long-term energy security.
Read: Eskom Extends Meter Upgrade Deadline for Zero Buyers
Notably, Eskom has gone over 200 days without load shedding, marking a major turnaround from the frequent outages in 2022 and 2023.
