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Fitch notes Mboweni lowered SA revenue projections to be more realistic

The agency has given its verdict on the mid-term budget speech presented by Finance Minister Tito Mboweni on Wednesday.

Picture: Supplied.

JOHANNESBURG - Ratings agency Fitch says the Medium-Term Budget Policy Statement (MTBPS) shows that the prospect of debt stabilisation has been pushed into the future.

The agency has given its verdict on the mid-term budget speech presented by Finance Minister Tito Mboweni on Wednesday.

Fitch says it has noted that the minister has lowered revenue projections to make them more realistic. However, it says the budget shows that the prospect of debt stabilisation has been pushed into the future.

Added to this, there are no significant measures to correct the overall situation, but there is some good news.

Fitch says expenditure projections are relatively stable.

National Treasury has spoken with all three major credit rating agencies to clarify elements of the budget.

Moody's Investors Services is expected to make a pronouncement soon.

TREASURY ENGAGES CREDIT RATINGS AGENCIES

Meanwhile, Treasury director-general Dondo Mogajane says they're waiting to see what the other international ratings agencies think of the MTBPS.

Mogajane has told Parliament's finance and appropriations committees there have been talks with all three of the major ratings agencies.

“We do engage as it is practice every year as soon as the budget is over. Yesterday, we engaged with Moody’s and S&P, and this morning we engaged with Fitch Ratings.

“Basically, these three engagements with them is for clarification purposes, they’ve got the documents, they ask questions for their understanding.

“Later on, they will then issue their own opinion as to what they think of the budget and that will be made public.”

(Edited by Thapelo Lekabe)

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