South Africa's national power utility Eskom received praise from Energy and Electricity Minister Kgosientsho Ramokgopa yesterday for a credit rating upgrade from S&P Global Ratings.
"Kudos on the well-deserved credit rating upgrade... This positive outlook reflects the collective efforts in strengthening Eskom's financial stability and operational efficiency," the minister said on social media platform X.
On Wednesday, SA was at 246 days of no load shedding, signalling that Eskom has turned a corner in its quest to provide uninterrupted power supply.
Rating decision Eskom announced S&P's rating decision in a statement on Wednesday.
The rating agency upgraded Eskom's B long-term global scale foreign and local currency ratings from stable to positive.
In addition, S&P affirmed Eskom's B-issue rating on the group's senior unsecured debt and the BB foreign currency issue ratings on government-guaranteed debt.
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