Business Services Industry
MOODY'S AFFIRMS ESKOM'S A1 RATINGS, BUT LOWERS BASELINE CREDIT ASSESSMENT
Info-Prod Research (Middle East), July, 2007
TO 8 FROM 7Moody's Investors Service today affirmedthe A1 ratings of Eskom Holdings Limited ("Eskom"), but lowered thebaseline credit assessment ("BCA"), which forms one of the four ratinginputs in accordance with Moody's methodology for Government-RelatedIssuers ("GRIs"), to 8 from 7. The South African government (Eskom'sshareholder) is currently rated A2.
The change in the BCA -- which is expressed on a scale of 1 to 21, where1 represents the lowest credit risk, and which measures the likelihoodthat an issuer will require an extraordinary bailout -- reflects Moody'sview that Eskom's credit profile is likely to deteriorate as a result of(i) increased leverage owing to debt raised to fund its substantial capexprogramme and (ii) a regulatory settlement which will put pressure...
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