As demonstrated by its delayed financial results for H1 2017, Eskom has a long way to go before it is out of trouble. Liquid assets had fallen to R9bn ($757m) by the end of September, from R30bn the previous year, while the utility’s total debt was R360bn. Newly appointed chairman Jabu Mabuza said the debt-to-equity ratio of 72% was “unsustainable” and that Eskom needed to aim for closer to 50%. Days before the interim report was released, Moody’s Investors Service downgraded the utility’s credit rating for the second time in two months.