On Oct. 11, 2005, Standard&Poor's Ratings Services affirmed its long-term 'BBB+' foreign currency and 'A-' local currency corporate credit ratings on ESKOM Holdings Ltd. (Eskom), the South African electricity utility. The outlook on both ratings is stable. The affirmation reflects Standard&Poor's expectation that the effect of an upcoming regulatory review, significant capital expenditure requirements, and the restructuring of regional electricity distribution will have a neutral effect on ESKOM's standalone credit quality. Standard&Poor's evaluates ESKOM as a government-owned institution supported by public policy. Modest government support provides a moderate enhancement to the company's standalone credit quality. The ratings on ESKOM reflect its critical role in the development of the Republic of South Africa's economy through
