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19/03/2012 : 14:30:59
BIESKM - Eskom Holdings Soc Limited - Eskom notes Moody`s comments
Posted Mon, 19 Mar 2012

JSE BIESKM BIESKM - Eskom Holdings Soc Limited - Eskom notes Moody`s comments MEDIA STATEMENT Eskom notes Moody`s comments Monday, 19 March 2012: Eskom has taken note of the comments by rating agency Moody`s which follow the decision by the National Energy Regulator of South Africa (Nersa) recently to grant Eskom`s request for a 16% average increase in the electricity tariff for 2012/2013, as opposed to the 25.9% which Nersa originally granted in February 2010. In its Weekly Credit Watch this morning (19 March 2012), Moody`s described the news as "credit negative for Eskom". It should be noted that the ratings agency`s update does not constitute a formal credit opinion on Eskom, and will thus not affect Eskom`s rating. It does, however, highlight the need for electricity prices to continue moving up towards cost-reflective levels. "Our financial position is much improved. But we need certainty on a longer term price path for electricity which will ensure that Eskom, and the electricity industry, are financially viable and sustainable"" said Eskom Chief Executive Brian Dames. Dames and Eskom Finance Director Paul O`Flaherty visited credit rating agencies in London last week, accompanying the Deputy Minister of Public Enterprises Benedict Martens and officials from the Department of Public Enterprises and National Treasury, to explain the 9 March 2012 reduction in the tariff increase. ENDS Date: 19/03/2012 14:30:59 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.


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