Fitch has changed Eskom's national rating outlook to stable from negative, the ratings agency said on Wednesday.

While challenges regarding the implementation and funding of Eskom's vast capex programme remained, recent signs of explicit and implicit government support had provided Fitch with comfort that the government would support any funding gaps that might occur.

"This factor should also be viewed together with signs of enhanced coordination among key stakeholders, including the government and the National Energy Regulator of South Africa in the past year," Fitch said.

"State support reflects Eskom's importance to the country's energy needs," it said.

Explicit financial support was evident in the form of a flexible dividend policy, the approval in 2008 of a R60-billion subordinated loan and the government's recent decision to guarantee up to R176-billion of Eskom's existing and future debt," said Erwin van Lumich, deputy head of Fitch's energy, utilities and regulation team for the Europe, Middle East and Africa region.

"Implicit support is reflected in the administration's influence in objective-setting, in the appointment of senior managers and the overseeing of Eskom's investments."

Sapa