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Moody’s rating shows SA is approaching a turning point

Treasury says govt has continued to demonstrate determination to bring public finances under control.

FILE: According to Moody's, the recent political developments are a testament to the country's institutional strength compared to its peers. Picture: AFP/Emmanuel Dunand.

JOHANNESBURG - National Treasury says government has continued to demonstrate its determination to bring public finances under control which has now contributed to Moody's retaining its credit rating.

The ratings agency has affirmed the country's status at two notches above junk status, but gave the country a negative outlook.

It says the ranking shows the country is approaching a turning point after several years of falling growth.

The investment grade credit rating marks an end to the assessment period that started in March, when Moody's placed the country under review for a possible downgrade.

According to Moody's, the recent political developments are a testament to the country's institutional strength compared to its peers.

Treasury's Anthony Julies says despite an adverse climate, government has remained determined to keep public finances under control.

"If there is any indication that the forecast would be more positive than it is currently as we go forward, you'll find investors being a lot more eager to buy now."

The future of the rating is highly dependent on government's success in enhancing medium term growth prospects and stabilising debt.