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Report: SA could be downgraded by S&P Global

Over R100 million in investment was pledged by various businesses at the conference, with industry leaders saying the country has made progress on various issues, including policy certainty.

Picture: Supplied.

JOHANNESBURG - As President Cyril Ramaphosa’s investment drive gains momentum with the second investment conference under way, ratings agency S&P Global is reported to have indicated the country could face a downgrade later this month.

The agency already has the country in sub-investment grade.

Over R100 million in investment was pledged by various businesses at the conference, with industry leaders saying the country has made progress on various issues, including policy certainty.

With more businesses expected to announce their investment plans, the government’s plan to rake in R1.2 trillion in the next four years appears to be in motion.

However,_ Business Day is reporting_ that an S&P regional representative warned that there will be a committee discussion ahead of the next rating review due to the gloomy Medium-Term Budget Policy Statement.

The statement painted a bleak picture of the country’s fiscal capacity, with the national debt expected to rise to 70% in coming years while revenue continues to shrink.

However, when addressing the conference on Wednesday, Ramaphosa told investors that there was still a lot to be hopeful about.

“We have determined that we will move forward and effect far-reaching reforms.”

Another credit rating agency, Moody’s, recently downgraded the outlook for its credit rating of the government from stable to negative over its concerns that South Africa would not find the political capital to implement a number of interventions intended to rescue the ailing economy.