Exxaro: SA Scale Ratings raised by Standard & Poor’s rating services
Exxaro Resources has given notice that Standard and Poor’s (S&P) has on 14 June 2021 raised Exxaro’s National Scale Rating to ‘zaA/zaA-1’ from ‘zaA-/zaA-2’.
The rating is based on the following:
- Exxaro continues to deliver stable operational and financial performance, maintaining S&P Global Ratings-adjusted debt to EBITDA ratio close to 1.5 times;
- the Company recently refinanced its syndicated bank debt facility, extending maturities by five years and strengthening its liquidity position; and
- S&P believes that the lingering risks of payment delays or non-payment from Eskom SOC Holdings Ltd., Exxaro’s biggest customer, have stabilized for now.
For further information see “South Africa – Based Coal Miner Exxaro Resources National ScaleRatings Raised to ‘zaA/zaA-1’ ”, published 14 June 2021 on www.spglobal.com/ratingsdirect and is also available at https://www.exxaro.com/investors/legal-documentation.