Eskom might be downgraded to junk status.
The rating agency, Fitch Ratings, warned that they could even downgrade Eskom by two levels.
Eskom’s poor management, weak cash flow, and overall weakening financial position led to this warning.
Fitch also aimed the responsible minister, Lynne Brown, and said they hope that she will appoint a permanent board for Eskom before the end of the month. Currently, Eskom is managed by an interim board of only nine members, while the board must consist of 15 members.
Last week, it was revealed that Eskom was on the verge of bankruptcy with only R1.2 billion reserves, which will only last until the end of this month.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News
