South Africa, Eskom dollar bonds hit by Moody’s, Fitch warnings

Parvez Jabri July 27, 2019

LONDON: South Africa’s government dollar bonds dropped to their lowest in more than a month on Friday and power utility Eskom’s dollar bonds tumbled to their lowest since February, amid growing worries about another wave of sovereign credit downgrades.

South Africa’s 2044 issue was down 1.3 cents in the dollar after Fitch put the country back on a downgrade warning, just a day after Moody’s had voiced concerns about a 59 billion rand ($4 billion) bailout for Eskom.

Eskom’s 2025 issue lost 1.6 cents in the dollar, its most in a day since early February.

Copyright Reuters, 2019

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