On Sept. 25, 2008, Standard&Poor's Ratings Services revised the CreditWatch implications of its 'A-' local currency corporate credit rating (CCR) and issue ratings and its 'zaAA+' long-term national scale rating on South Africa-based utility ESKOM Holdings Ltd. to developing from negative. The 'BBB+' foreign currency CCR and issue ratings and the 'zaA-1' short-term national scale rating were maintained on CreditWatch with negative implications. The CreditWatch revision reflects ESKOM's announcement on Sept. 23 that it has submitted an application to the National Treasury for guarantees on all existing and future debt. The treasury had announced on Aug. 11, 2008, that it would consider providing guarantees to ESKOM at the company's request and for a fee. In our view, ESKOM's
