WATCH: Moody’s lowers Eskom’s junk rating on restructuring doubts

Moody’s pushed state power firm Eskom’s credit rating deeper into subinvestment territory on Tuesday, saying a government plan to reorganise the cash-strapped South African firm would be hard to implement without explicit support from the cabinet. Bloomberg
JOHANNESBURG – Moody’s pushed state power firm Eskom’s credit rating deeper into subinvestment territory on Tuesday, saying a government plan to reorganise the cash-strapped South African firm would be hard to implement without explicit support from the Cabinet.
Moody’s cut Eskom’s long-term corporate family rating, or unguaranteed debt, to B2 from B3, six notches below the investment grade level, with a negative outlook.
The rating firm also cut the power company’s zero coupon eurobonds to B2 from B3.

Source: iol.co.za