The 'BBB' long-term rating on ESKOM is based on the company's stand-alone credit profile (SACP), which we assess at 'b', and on our opinion that there is an "extremely high" likelihood that its owners would provide timely and sufficient extraordinary support in the event of financial distress. In accordance with our criteria for government-related entities (GREs), our view of an "extremely high" likelihood of extraordinary ownership support is based on our assessment of ESKOM's: "Very important" role as the dominant electricity provider in South Africa; and "Integral" link to the South African government, reflecting its full ownership of ESKOM and the explicit support provided through guarantees on debt and a capital injection. South Africa's dominant electric utility. Regulated revenues across
