Eskom’s Turnaround Plan drives S&P Global Ratings to upgrade the company’s foreign and local currency long-term credit ratings from B to B+, with Stable Outlook

Tuesday, 25 November 2025: Eskom welcomes S&P Global Ratings’ decision to upgrade the company’s foreign and local currency long-term credit ratings from B to B+, with a stable outlook. The upgrade also applies to Eskom’s senior secured and unsecured debt, while government-guaranteed foreign currency debt was raised from BB- to BB+. 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 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,” said Eskom’s Group Chief Executive, Dan Marokane.

Eskom will continue to implement its generation recovery initiatives, enhance governance, combat crime and corruption, prepare the organisation for long-term sustainability and energy security, supporting South Africa’s growth and the broader sub-Saharan region.

ENDS