Eskom remains at risk of not securing sufficient liquidity to meet all funding requirements in the next six months, despite raising $1.5 billion in long-term funding from international markets in August 2018. Although we believe that ESKOM will benefit from considerable government support, we consider that the predictability and timeliness of such support has diminished relative to levels seen prior to 2018. We are therefore affirming our 'CCC+' global scale and 'zaB' national scale issuer ratings on Eskom. The negative outlook reflects continued uncertainty regarding the Eskom's ability to manage its funding deficit and refinancing risks over the coming six months, and the extent and timeliness of government support for Eskom should operating cash flow generation prove insufficient. On Nov.
