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Africa, News

South Africa’s investment-grade rating depends on pace of reforms: Moody’s

JOHANNESBURG (Reuters) – Ratings firm Moody’s said on Tuesday fiscal risks and political constraints to economic reform in South Africa were reflected in its current credit rating of one notch above speculative grade but that maintaining the level depended on how quickly the Ramaphosa-led government can implement promised reforms.

“A lot of the deterioration we have witnessed is embedded in the ratings level and the past downgrades. The question of course, is going forward. Our expectation is stabilization in debt,” said Moody’s lead analyst for South Africa Lucie Villa at a credit conference in Johannesburg.

(Reporting by Mfuneko Toyana; Editing by Catherine Evans)

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