Moody’s Ratings has affirmed Eskom’s credit profile at B2, keeping the outlook stable.
The decision includes:
- B2 long-term corporate family rating
- B2 senior unsecured ratings
- Ba2 ratings on government-backed notes
The agency also maintained Eskom’s baseline credit assessment at caa1.
The key driver behind the decision is operational performance. Eskom’s generation reliability has improved, cash flow has strengthened, and liquidity support from government debt measures continues to hold.
But constraints remain in place:
- rising municipal debt
- tariff pressure and regulatory limits
- large capital expenditure requirements
- execution risk in restructuring
Dan Marokane pointed to the operational shift inside Eskom, referencing a full year without loadshedding as a structural break from the past.
Read Also: Eskom Warns Drivers After Rising Damage to Electricity Poles in Midrand
The rating holds both realities at once: a utility recovering operational control, but still carrying financial and structural pressure points.
By Thuita Gatero, Managing Editor, Africa Digest News.
