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Fitch expresses concerns following Mboweni’s MTBPS

The agency has given its verdict on the budget speech, presented by the minister on Wednesday.

FILE: This picture taken on 17 January, 2012 shows a close-up of a page of the Ratings agency Fitch website. Picture: AFP.

JOHANNESBURG - Ratings agency Fitch says it has noted that Finance Minister Tito Mboweni's medium-term budget highlights growth and debt challenges and it's concerned about how this will be corrected.

The agency has given its verdict on the budget speech, presented by the minister on Wednesday.

It's concerned about expenditure on state-owned entities and has affirmed Eskom at BB-.

Fitch says it has noted that Mboweni 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 and 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.

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

Moody's is expected to make a pronouncement soon.