LONDON (Standard&Poor's) Aug. 19, 2004--Standard&Poor's Ratings Services said today it revised its local currency outlook on ESKOM Holdings Ltd., the South African electricity utility to stable from positive. The outlook revision reflects the likelihood that ESKOM will need to fund future electricity transport and generating capacity investments on balance sheet rather than through regulatory settlements. At the same time, Standard&Poor's affirmed its 'BBB' foreign and 'A-' local currency long-term corporate credit and senior secured debt ratings on the company. The ratings on ESKOM reflect its critical role in the development of the Republic of South Africa's (foreign currency BBB/Stable/A-3; local currency A/Stable/A-1) economy through its successful electrification program. They also factor in the government's
