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 Address to refer: https://www.researchchannel.co.za/article/sp-raises-exxaros-rating-based-on-continuing-stable-performances-2021-06-15
 Article Headline: S&P raises Exxaro’s rating based on continuing stable performances
 Abstract: Global ratings agency S&P has raised South Africa-based coal miner Exxaro Resources’ national scale ratings to ‘zaA/zaA-1’, from ‘zaA-/zaA-2’, based on the miner continuing to deliver stable operational and financial performances. However, while the miner has maintained its earnings before interest, taxes, depreciation and amortisation (Ebitda) to 1.3x, S&P remains concerned about lingering risks of payment delays or nonpayment from State-owned power utility Eskom, which remains Exxaro’s largest customer and represents more than 60% of its revenue.
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