South African Power Utility ESKOM Holdings' Proposed $500 Mil. Senior Unsecured Government Guaranteed Notes Rated 'BB-'

We assigned our 'BB-' issue rating to the proposed $500 million 4.314% senior unsecured notes, due 2027, issued by ESKOM Holdings SOC Ltd. (Eskom). The proposed notes are to be fully guaranteed by the government of South Africa under its South African rand (ZAR) 350 billion Guarantee Framework Agreement (GFA). The proposed notes have been priced and the rating will be contingent upon the receipt of the signed deed of guarantee prior to settlement on July 23, 2021. Eskom intends to use the cash proceeds to finance certain capital expenditure (capex). JOHANNESBURG (S&P Global Ratings) July 20, 2021--S&P Global Ratings today assigned its 'BB-' long-term foreign currency issue rating to the proposed $500 million 4.314% notes, due July 2027, to

...July 20, 2021 - We assigned our '##-' issue rating to the proposed $500 million 4.314% senior unsecured notes, due 2027, issued by ESKOM Holdings SOC Ltd. (Eskom). - The proposed notes are to be fully guaranteed by the government of South Africa under its South African rand (ZAR) 350 billion Guarantee Framework Agreement (GFA). - The proposed notes have been priced and the rating will be contingent upon the receipt of the signed deed of guarantee prior to settlement on July 23, 2021. - Eskom intends to use the cash proceeds to finance certain capital expenditure (capex). JOHANNESBURG (S&P Global Ratings) July 20, 2021--S&P Global Ratings today assigned its '##-' long-term foreign currency issue rating to the proposed $500 million 4.314% notes, due July 2027, to be issued by South African power utility ESKOM Holdings SOC Ltd. (Eskom; ###+/Negative/--) and guaranteed by the government of South Africa (foreign currency ##-/Stable/B). We understand that Eskom will use the cash proceeds from...

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