On Aug. 13, 2018, S&P Global Ratings assigned its 'CCC+' issue rating to the $500 million 8.45% senior unsecured notes due 2028 issued by South African power utility ESKOM Holdings SOC Ltd. (CCC+/Negative/--). Our 'BB' issue credit rating on the $1 billion 6.35% senior unsecured notes, due 2028, now issued by Eskom and guaranteed by the government of South Africa, remains unchanged. Eskom intends to use the cash proceeds from the $500 million and $1 billion senior unsecured notes to pay down an outstanding South African rand (ZAR) 20 billion (approximately $1.5 billion) credit facility that is due at the end of August 2018, and to finance certain capital expenditures (capex). The 'CCC+' issue credit rating on the $500 million
