December 20, 2019 / 7:10 AM / a month ago

S.Africa's treasury says working to step up timeline for Eskom restructuring

JOHANNESBURG, Dec 20 (Reuters) - South Africa’s National Treasury said on Friday it is working to accelerate plans to restructure ailing power utility Eskom after ratings agency Fitch opted to keep the sovereign credit rating on hold, with a negative outlook.

“National Treasury, in partnership with the Department of Public Enterprises, is instituting a series of measures to bring discipline to the utility’s finances, and to step up the timeline for restructuring,” it said in a statement responding to Fitch’s decision.

Fitch warned on Wednesday failure to form a credible plan to stabilise government debt - exacerbated by bailouts for troubled state run firms like Eskom - could prompt a downgrade, and it is regularly cited as one of the key risks to South Africa’s economy. (Reporting by Emma Rumney; Editing by Muralikumar Anantharaman)

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