On Dec. 18, 2006, Standard&Poor's Ratings Services affirmed its 'A-' local currency and 'BBB+' foreign currency long-term corporate credit ratings on ESKOM Holdings Ltd., the South African electricity utility. The outlook is stable. The 'A-' local currency senior secured and 'BBB+' foreign currency senior unsecured debt ratings were also affirmed. At the same time, Standard&Poor's assigned its 'zaAA+' long-term and 'zaA-1' short-term South Africa national scale ratings to the company. The ratings reflect ESKOM's critical role in the development of South Africa's economy through its successful electrification program. They also factor in 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.
