On April 3, 2017, we lowered our ratings on South Africa (foreign currency: BB+/Negative/B; local currency: BBB-/Negative/A-3). While we continue to assess the likelihood that 100% government-owned South African power utility ESKOM Holding SOC Ltd. would receive extraordinary government support as extremely high, we believe the government's ability to provide support has weakened. We are therefore lowering our foreign and local currency long-term corporate credit ratings on ESKOM to 'B+' from 'BB-' and our national scale long-term rating to 'zaBB-' from 'zaBB+'. The negative outlook reflects that on the sovereign and uncertainty regarding the government's clear commitment and ability to provide timely support to ESKOM if needed. On April 6, 2017, S&P Global Ratings lowered its long-term foreign and local
