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Treasury to implement measures to regain SA's investment status

Ratings agency Fitch has affirmed South Africa's long-term foreign and local currency debt ratings at BB+ with a stable outlook. The ratings, therefore, remain below investment grade.

Picture: Supplied

JOHANNESBURG - Treasury says that it is implementing a number of measures to make sure South Africa regains investment status.

Ratings agency Fitch has affirmed South Africa's long-term foreign and local currency debt ratings at BB+ with a stable outlook. The ratings, therefore, remain below investment grade.

Standard & Poor’s Global also has South Africa at sub-investment grade, while Moody’s has the country in positive territory.

Treasury says the main focus for government is to regain South Africa's investment grade status to make the country an attractive investment destination.

It says this will be achieved by enhancing policy certainty, lowering the debt burden, restoring good governance and financial stability at public institutions, including state-owned entities.

Fitch has noted concerns over state-owned entities and the risk of rising social tensions due to extremely high inequality.

But it has acknowledged policy interventions that government is already pursuing in order to reignite economic growth.

Government says it will continue to fast-track the implementation of growth-enhancing economic reforms to change the minds of rating agencies.

(Edited by Shimoney Regter)

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