On Oct. 9, 2002, Standard&Poor's Ratings Services assigned its triple-'B'-minus long-term senior secured debt rating to the South African electricity utility ESKOM Holdings Ltd.'s (ESKOM) €200 million bonds due 2005. The ratings are in line with ESKOM's long-term foreign currency ratings. The corporate credit and senior secured debt ratings on the company remain unchanged. The ratings on ESKOM reflect its critical role in the Republic of South Africa's (local currency A-/Stable/A-2; foreign currency BBB-/Stable/A-3) national Reconstruction and Development Program (RDP) through its successful electrification program, the government's intention to remain supportive of its credit quality, efficiency improvements, and a supportive regulatory regime. These strengths are offset, however, by a relatively weak financial structure, long-term exposure to the restructuring
