Eskom Holdings’ stand-alone credit profile was downgraded one-notch at Fitch Ratings, signaling the South African power utility’s worsening ability to repay debt without additional government support. Weakening revenue growth, profit-margin compression because of lower tariff increases, and higher primary energy costs were cited by Fitch as among the reasons for the reduction. Eskom’s poor liquidity and high debt levels are the worst among its peers, which includes Namibia Power, Fitch said in a statement on Monday.
