JOHANNESBURG - Ratings agency Moody's is warning government's financial support for Eskom and the announcement of recent electricity tariff hikes might not be enough to address the company's long-stan
JOHANNESBURG - Ratings agency Moody's is warning government's financial support for Eskom and the announcement of recent electricity tariff hikes might not be enough to address the company's long-standing financial troubles.Moody's published its credit opinion for South Africa earlier on Tuesday, four days after the agency again skipped issuing a much-anticipated assessment of the country's sovereign credit rating.
In his Budget speech earlier this year, Finance Minister Tito Mboweni allocated a R69 billion financial support package over the next three years to help Eskom service its debts.Its credit opinion report, which does not constitute a rating action, Moody’s said South Africa’s credit rating was still BAA3, the lowest rung of investment grade, with a stable outlook.
“South Africa’s credit profile is supported by a diversified economy, a sound macroeconomic policy framework and a deep pool of domestic investors thanks to well-developed financial sector and markets,” it said in a report.
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