Fitch affirms Eskom’s credit ratings

Thursday, 21 May 2026:  Fitch has affirmed Eskom Holdings SOC Ltd.’s Long-Term Local-Currency Issuer Default Rating at ‘B’ with a Stable Outlook. Fitch has also affirmed Eskom’s senior unsecured debt at ‘B’ with a Recovery Rating of ‘RR4’, and its senior unsecured guaranteed debt at ‘BB-’.  Fitch has also maintained Eskom’s Standalone Credit Profile at ‘ccc+’.

The affirmation reflects the strong links between Eskom and South Africa’s ‘BB-‘ Outlook Stable, under Fitch’s latest Government-Related Entities rating criteria.

In its detailed update report, Fitch noted Eskom’s operations are improving and the delivery of its business plan may lead to funding on an unguaranteed basis over the medium term.

“We remain singularly focused on delivering the turnaround plan that is central to continuing to restore Eskom’s operational and financial stability. Reaching the milestone of one year without loadshedding on Saturday, 16 May advances this stability, as well as the South African and Sub-Saharan Africa economy, competition and the integration of renewable energy,” said Eskom Group Chief Executive, Dan Marokane.

The detailed report can be downloaded on Fitch’s website.

ENDS