{"id":15137,"date":"2012-10-02T05:24:58","date_gmt":"2012-10-02T03:24:58","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/update-1-moodys-cuts-ratings-on-s-africas-eskom-telkom\/"},"modified":"2012-10-02T05:24:58","modified_gmt":"2012-10-02T03:24:58","slug":"update-1-moodys-cuts-ratings-on-s-africas-eskom-telkom","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-moodys-cuts-ratings-on-s-africas-eskom-telkom\/","title":{"rendered":"UPDATE 1-Moody’s cuts ratings on S.Africa’s Eskom, Telkom"},"content":{"rendered":"

\t\t<\/span><\/p>\n

<\/span><\/p>\n

<\/span><\/p>\n

JOHANNESBURG<\/span> Oct 1 (Reuters) – Credit agency Moody’s on
\nMonday cut its rating on South African power utility Eskom
\n, fixed-line operator Telkom SA and 12
\nmunicipalities, following a similar downgrade of Africa’s top
\neconomy last week.<\/p>\n

<\/span><\/p>\n

It also lowered its outlook on miner Gold Fields Ltd
\n to “stable” from “positive”, citing concern about the
\nimpact of labour unrest on South Africa’s mining industry.<\/p>\n

<\/span><\/p>\n

The agency said in a statement it cut Eskom’s senior
\nunsecured bond rating by one notch, to Baa3 from Baa2, a move
\nthat could drive up borrowing costs for the utility as it looks
\nto fund infrastructure spending.<\/p>\n

<\/span><\/p>\n

The state-owned utility is expected to tap the bond market
\nfor some of a planned 300 billion rand ($36.06 billion) in
\nfunding.<\/p>\n

<\/span><\/p>\n

Moody’s made a similar cut to Telkom’s rating, which was
\nalso lowered to Baa3, while 12 local governments had their
\nlong-term ratings cut.<\/p>\n

<\/span><\/p>\n

The agency on Thursday cut the government bond rating of
\nAfrica’s top economy by one notch, citing worries about the
\nnegative investment climate – from creaking infrastructure to
\nconcerns about future political stability.<\/p>\n

<\/span><\/p>\n

Investor sentiment has been soured by a series of wildcat
\nstrikes in the mining industry in recent weeks, which have
\nhamstrung production in the world’s top platinum producer and
\nNo.4 gold producer.<\/p>\n

<\/span><\/p>\n

Critics have also charged that the strikes have exposed
\nPresident Jacob Zuma’s ruling African National Congress as
\nineffectual and out of touch with millions of poor South
\nAfricans.<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

JOHANNESBURG Oct 1 (Reuters) – Credit agency Moody’s on Monday cut its rating on South African power utility Eskom , fixed-line operator Telkom SA and 12 municipalities, following a similar downgrade of Africa’s top economy last week. It also lowered its outlook on miner Gold Fields Ltd to “stable” from “positive”, citing concern about the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15137","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15137"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15137\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}