S&P's downgrades South Africa's Eskom further into junk territory

Standard & Poor's Global Ratings on Friday cut South African power utility Eskom's credit rating a further notch into subinvestment, raising concerns the country's sovereign rating would also be dragged into junk status. S&P's, which has South Africa's debt on the lowest investment level with a negative outlook, cut Eskom's long-term corporate credit rating to BB from BB+, two steps below the investment threshold. The ratings firm flagged financial pressures faced by Eskom due to the unc