"We are encouraged by Moody's decision to affirm Eskom's credit ratings. We view this action as evidence that we have made major strides in ensuring a secure electricity supply and in improving the company's financial profile, thereby enabling us to continue with timeously executing the required funding for the completion of the current build programme," said Singh. In its statement, the rating agency cited the power utility's continued successful access to funding with the support of the R350 billion Guarantee Framework Agreement (GFA) provided by government, and the company's stabilised operational performance as the rationale for their affirmation. Due to improved operational performance, Eskom has not implemented load-shedding since August 2015. In September 2016, Moody's placed Eskom on review for downgrade.