On Aug. 2, 2005, Standard&Poor's Ratings Services raised its long-term foreign currency rating on ESKOM Holdings Ltd., the South African electricity utility, to 'BBB+' from 'BBB'. The foreign currency outlook is stable. The rating action follows the raising, on Aug. 1, 2005, of the long-term foreign currency ratings on the Republic of South Africa to 'BBB+' from 'BBB' due to improved macroeconomic stability. The outlook on South Africa is stable. For further information on the sovereign upgrade please the article titled "Republic of South Africa L-T FC And LC Ratings Raised To 'BBB+' And 'A+'; Outlook Stable" published on Aug. 1, 2005, on RatingsDirect, Standard&Poor's web-based credit analysis system at www.ratingsdirect.com. ESKOM will benefit from the
