S&P Global Ratings has raised Eskom’s credit rating from B to B+ with a stable outlook. Several other Eskom debt ratings were also upgraded including senior secured, unsecured and government-guaranteed debt along with an improvement to the utility’s national scale rating.
According to Eskom, the upgrade reflects progress under its turnaround plan including stabilised generation performance, improved financial results and strengthened governance measures. Eskom reports that it delivered electricity 97,9% of the time in the current financial year, compared to 96% in FY2025, and recorded its first profit in eight years in FY2025.
“The turnaround plan has been pivotal in restoring Eskom’s operational and financial stability. We have moved decisively from a generation crisis to a phase of reliability and disciplined management,” says Group Chief Executive Dan Marokane.
Municipal arrears remain a structural risk to Eskom’s financial position. The utility has introduced a new distribution agency agreement framework aimed at addressing rising municipal debt.
