S&P’s downgrades Eskom, warns of potential default in next six months

Ratings agency Standard & Poor’s (S&P’s) has downgraded State-owned Eskom to CCC+. In a report released on Wednesday, the ratings agency said the power utility remains at risk of facing a distressed exchange situation or default in the next six months, despite securing R30-billion in short-term funding from local and international funders this year.