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Gordhan welcomes Moody’s decision on SA’s credit rating

Moody’s announced that it is keeping the country’s credit rating two notches above junk status.

FILE: Finance Minister Pravin Gordhan. Picture: Christa Eybers/EWN.

JOHANNESBURG - Finance Minister Pravin Gordhan says he's confident that it was Team South Africa's approach that led to the latest decision by Moody's.

He also says he is confident the decision will extend to other rating agencies.

Over the weekend Moody's announced that it is keeping the country's credit rating two notches above junk status.

The finance minister has told an audience in Sandton that the breathing space given by Moody's is important.

Gordhan says it was a collective effort to make sure Moody's kept the country's outlook two notches above junk status, but he says government is still waiting for the outcome from two more rating agencies.

Standard & Poor's and Fitch are due to make their final decisions public in the next few weeks.

Gordhan says government remains positive.

"We are not saying that this is the end of the road. It's the beginning of a new period of working as a team amongst ourselves. That is the kind of united way in which we approach the two other agencies," says Gordhan.

The minister says he believes the country did its best to steer clear of a downgrade and is confident the economy can be turned around.

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