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Utility Eskom downgraded to 'CCC+' on ongoing liquidity concerns and insufficient government support; Outlook Negative

28 February 2018 | General

• or default in the next six months despite securing South African rand (ZAR) 30 billion in short-term funding from local and international funders so far this year. • We now believe there is a lower likelihood that Eskom would receive extraordinary support from the government, reflecting our view that government support for the utility over the past few months has been insufficient given that the utility's liquidity concerns persist. • We are therefore downgrading Eskom to 'CCC+' and 'zaB' from 'B-' and 'zaBB-'. • The negative outlook points to uncertainty regarding the extent and timeliness of government support for Eskom over the coming six months, considering the magnitude of the utility's funding deficit and refinancing risks.

A budget breakdown with a difference

26 February 2018 | Budget 2018

Expert panel questions the Ramaphosa honeymoon … and casts doubt on the VAT increase.

Change is as good as a holiday – but what do the current economic changes mean for South Africans?

26 February 2018 | General

Iemas Financial Services reflects on some of the main economic changes in the South African economy and what this will mean for the future.

VAT increase unavoidable – Allan Gray

23 February 2018 | Budget 2018

The Budget Speech delivered by Finance Minister Malusi Gigaba was a careful step in the right direction in an environment where hard decisions are imperative.

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