Eskom vows to address ratings agency concerns
Eskom has been downgraded twice since the beginning of 2018.
Eskom says it hopes to be able to address ratings agencies' concerns when it comes under review again.
International credit rating agency Fitch Ratings on Wednesday downgraded the power utility's long-term local currency Issuer to 'BB-'.
Fitch cited concerns over Eskom's ability to meet its short-term financial obligations.
"We estimate Eskom needs a significant liquidity boost during the next two months."
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During the release of its financial results this week, Eskom admitted to owing creditors hundreds of billions, saying it is still unclear where it will be able to obtain another R20 billion in funding.
Eskom spokesperson Khulu Phasiwe says ratings agencies mostly raised concern over issues around corporate governance and alleged corruption.
"But now that we have a new board and a new interim CEO in their next round of decision-making, hopefully some of these matters would have been addressed."
Fitch noted the interventions by government in its review.
"We understand from management that the South African government... is now working closely with Eskom to resolve its corporate governance challenges, to restore investor confidence and address liquidity risks."
The agency believes the appointment of a new board and release of the financial results on Tuesday could also help allay investors' concerns.
Two senior executives, implicated in alleged wrongdoing, have resigned from Eskom since the appointment of the new board.
The information chief and former acting CEO Shaun Maritz was also placed on permanent suspension hours before the announcement by Fitch Ratings.