Dominant position in the South African electricity market Central role in development of the South African economy Increasingly transparent regulatory regime Strong electricity demand growth Significant financial asset holdings Weak financial structure Likelihood that operations will be substantially restructured Narrowing generating capacity margin Substantial generation construction program The ratings on South Africa-based electricity utility ESKOM Holdings Ltd. reflect the company's critical role in the development of South Africa's economy through its successful electrification program. They also reflect the government's intention to remain supportive of the company's credit quality, strong electricity demand growth, a more supportive regulatory regime, and significant financial assets. Government support moderately enhances the company's stand-alone credit quality. These strengths are offset by ESKOM's relatively weak financial structure
