South Africa’s stable outlook on its credit rating means there is little chance of downgrade later this year, Moody’s said on Thursday, but a commitment to fiscal consolidation at the October budget would be key to maintaining the positive rating.
Moody’s is the last of the top rating agencies to have Pretoria’s long-term foreign-currency debt in investment grade, but warned last week following the economy’s slide into recession that weak growth posed a “credit risk”.
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