On May 8, 2003, Standard&Poor's Ratings Services raised its long-term foreign currency ratings on ESKOM Holdings Ltd. (ESKOM) to 'BBB' from 'BBB-'. The foreign currency outlook is stable. At the same time, the 'A-' long-term local currency ratings on ESKOM were affirmed. The local currency outlook is positive. The upgrade follows the raising, on May 7, of Standard&Poor's long-term foreign currency ratings on the Republic of South Africa to 'BBB' from 'BBB-'. The outlook on South Africa is stable. The ratings on ESKOM, the South African electricity utility, reflect its critical role in South Africa's (local currency A/Stable/A-1; foreign currency BBB/Stable/A-3) national Reconstruction and Development Program through its successful electrification program. They also factor in the
