On Feb. 6, 2003, Standard&Poor's Ratings Services affirmed its 'A-' local currency and 'BBB-' foreign currency long-term corporate credit ratings on the South African electricity utility ESKOM Holdings Ltd. following a review. At the same time, the outlook on the local currency corporate credit rating was revised to positive. The outlook on the foreign currency rating remains positive. The ratings on ESKOM reflect its critical role in the Republic of South Africa's (local currency A-/Positive/A-2; foreign currency BBB-/Positive/A-3) national Reconstruction and Development Program through its successful electrification program. They also factor in the government's intention to remain supportive of ESKOM's credit quality, improvements in efficiency, and a more supportive regulatory regime. These strengths are offset by a relatively
