Gordhan: Fitch results a 'fantastic achievement'

The credit rating agency has changed South Africa's outlook from stable to negative but kept the credit rating at BBB minus.

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

JOHANNESBURG – Finance Minister Pravin Gordhan has praised what he calls team South Africa after ratings agency Fitch decided not to downgrade the country, but instead change its outlook to negative.

Fitch has cited political problems, but says the country appears to be recovering from a series of shocks.
Gordhan says this has been a major victory.

“I think this is a fantastic achievement for South Africans. That’s the constituency we serve. The national effort from all of the sectors, trade unions, the faith community, NGOs and government itself I think has paid out handsome dividends.

He says state owned entities have been a concern, but efforts are being made to address this.

“They must be managed in the right kind of way, but the plus side is an excellent pieceof work that has happened under the guidance of the deputy president, approved by Parliament, with the five or six key policy frameworks including selection of boards, cost of the development mandate, shareholder contacts and so on. Those frameworks will now kick in.”

(Edited by Masechabe Sefularo)