Moody’s lowers Eskom’s junk rating on restructuring doubts
Ratings agency says the rescue plan for power utility will be hard to implement without the full backing of the government
05 November 2019 - 14:55
Moody’s Investors Service pushed Eskom’s credit rating deeper into subinvestment territory on Tuesday, saying a government plan to reorganise the cash-strapped state power producer would be hard to implement without explicit support from the cabinet.
Moody’s cut Eskom's long-term corporate family rating, or unguaranteed debt, to B2 from B3, six notches below the investment grade level, with a negative outlook. The ratings firm also cut the power company’s zero coupon Eurobonds to B2 from B3...
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