Moody’s Investors Service has cut Telkom’s credit rating to “junk”, or “speculative grade”, and affirmed a negative outlook, the telecommunications operator told shareholders on Monday.
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The rand plumbed a record low after the country lost its last investment-grade credit rating, and investors anticipated it may slide deeper into junk as the spread of the coronavirus decimates the economy.
Moody’s cut South Africa’s credit rating below investment grade, delivering the country a full house of junk assessments as it grapples with a nationwide lockdown.
Eskom said it is disappointed by the decision as the current board and management “have worked painstakingly hard to try and resolve corporate governance issues of the past regime”.
Fixing loss-making power utility Eskom is complex and it will take time for the government and the company to agree to a plan, according to Moody’s Investors Service.
South Africa moved closer to a junk credit rating after Fitch Ratings changed the outlook on its assessment to negative from stable and warned that continued political instability could result in a downgrade. The ratings for foreign currency
Ratings agency Fitch on Wednesday affirmed South Africa’s investment grade credit, and surprisingly kept its outlook stable, but it warned that political and growth concerns should be addressed. This follows rating reviews by Moody’s
Moody’s Investors Service has affirmed Eskom’s credit rating with a negative outlook, following the affirmation of the country’s sovereign credit rating. The power utility was placed on review for a potential downgrade
Beyond a large increase in tariffs, a material improvement in Eskom’s financial profile is not expected before new generation capacity comes on stream, Moody’s Investors Service said on Tuesday
Rating agency Moody’s has changed Sanral’s outlook from stable to negative, due to debt and decreased e-toll revenue. “The change in outlook and lower BCA (Baseline Credit Assessment) reflect