In South Africa, ratings agency Moody’s Investors Service has downgraded state-owned power utility Eskom from Ba2 to Ba1. This follows the lowering of the country’s credit rating last week. Moody’s says the outlook for the power company is negative. Given Eskom’s strong links with the South African government and its sensitivity to changes in the sovereign credit profile, the downgrade primarily reflects the one-notch drop in South Africa’s sovereign rating to Baa3 negative.
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Categorised in: Africa