Global ratings agency S&P has upgraded Eskom’s foreign and local currency long-term credit ratings from B to B+, with a stable outlook.
According to the power utility, the upgrade also applies to Eskom’s senior secured and unsecured debt, while government-guaranteed foreign currency debt was raised from BB- to BB+.
‘Stabilised generation’
“Eskom’s national scale rating improved from zaBBB+/zaA-2 to zaAV/zaA-1. The upgrade reflects the measurable impact of Eskom’s Turnaround Plan, which has stabilised generation, improved financial performance and strengthened governance. Operational improvements have been substantial: Eskom delivered electricity 97.9% of the time in the current financial year, compared to 96% in FY2025.
“This operational stability has been matched by strong financial performance, which includes our first profitability in eight years in FY2025,” the power utility said.
‘Pivotal’
Eskom Group Chief Executive, Dan Marokane, reflected on the company’s turnaround.
“The turnaround plan has been pivotal in restoring Eskom’s operational and financial stability.
“We have moved decisively from a generation crisis to a phase of reliability and disciplined management.
“Our focus remains on providing affordable, secure electricity for South Africa while driving the transition to lower-carbon energy,” Marokane said.
