February 28, 2018 / 1:04 PM / 4 months ago

Eskom says working on turnaround strategy after S&P downgrade

JOHANNESBURG, Feb 28 (Reuters) - South Africa’s state-run power utility Eskom said on Wednesday it had taken action to turn the company around after S&P Global Ratings downgraded its credit rating, citing liquidity concerns and insufficient government support.

“We are comfortable that government has provided Eskom with tangible support to ensure that Eskom’s governance related and liquidity challenges are expediently resolved,” said Eskom’s Interim Group Chief Executive Phakamani Hadebe in a statement. (Reporting by Nqobile Dludla Editing by James Macharia)

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