Treasury pleased with Moody’s, Fitch rating announcements

Moody's Investors Service has kept South Africa's sovereign rating unchanged at Baa2.

moodysjpg

JOHANNESBURG - Treasury says it is pleased South Africa has been able to preserve its investment grade rating after decisions by Moody’s and Fitch to keep it unchanged.

It has welcomed a decision by Fitch’s to revise its outlook for South Africa to negative, with the rating unchanged at BBB minus.

Fitch has listed a number of issues including increasing political risk, standards of governance and policy-making as factors in its decision.

Moody’s has also kept its rating unchanged with a negative outlook.

Director General at National Treasury Lungisa Fuzile says: “What we have been able to achieve is a result of collective efforts of people in government, labour and business who have worked together.”

(Edited by Shimoney Regter)