South Africa's finmin says to interact with Fitch, S&P soon over credit rating

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JOHANNESBURG (Reuters) – South Africa had received some breathing space after Moody’s decision not to downgrade the country’s credit rating and will interact with Fitch and Standard and Poor’s in the next couple of weeks, Finance Minister Pravin Gordhan said on Monday.

“We developed a common intent among labour, business and government that we don’t want to be downgraded and the we have many positives to say about ourselves,” Gordhan told reporters at a public finance management conference.

Moody’s left its rating of South Africa’s debt at Baa2, two levels above subinvestment grade, but assigned a negative outlook, saying that risks to implementation of structural and fiscal reforms remained a factor.

Fitch and Standard & Poor’s have the country just one notch above subinvestment grade.

 

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