On Dec. 4, 2015, we revised the outlook on the Republic of South Africa to negative and affirmed our 'BBB-/A-3' foreign currency and 'BBB+/A-2' local currency ratings on the sovereign. We are affirming our 'BB+' long-term corporate credit rating on South African power utility ESKOM Holding SOC Ltd. (ESKOM). The outlook on ESKOM remains negative, reflecting execution risk associated with government support and ESKOM's unstable operating performance. In addition, it now also reflects our outlook on South Africa, and our view that a downgrade of the sovereign would likely result in a downgrade of ESKOM. On Dec. 9, 2015, Standard&Poor's Ratings Services affirmed its 'BB+' long-term corporate credit rating on South African power utility ESKOM Holding SOC Ltd.
