Moody’s affirms Eskom’s credit ratings - BIESKM
Eskom Holdings SOC Limited
(Registration No. 2002/015527/06)
JSE alpha code: BIESKM
("Eskom" or the "Group")
Moody's affirms Eskom's credit ratings
Noteholders are advised that Moody's Ratings ("Moody's") has affirmed Eskom's B2 long-term
corporate family rating, B2-PD probability of default rating, B2 senior unsecured notes ratings, (P)B2
rating on the global medium term notes programme, caa1 baseline credit assessment and Baa3.za
national scale corporate family rating. The outlook remains stable.
Moody's also affirmed the Ba2 backed senior unsecured ratings on notes that benefit from an
unconditional and irrevocable government guarantee.
Moody's has attributed the affirmation of credit ratings to Eskom's improving operational
performance, strengthened cash flow generation and liquidity position, supported by government debt
relief measures. The rating agency has also noted what they consider to be ongoing constraints
including rising municipal debt arrears, regulatory challenges associated with tariffs, significant capital
expenditure requirements and execution risks associated with the ongoing unbundling process.
Noteholders may view or download the detailed report on Moody's website:
https://www.moodys.com/research/Moodys-Ratings-affirms-Eskoms-B2Ba2-ratings-stable-outlook-
Rating-Action--PR_524512
Johannesburg
01 June 2026
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 01-06-2026 09:00:00
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