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Moody’s upgrades SA’s economic outlook to positive

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Rating agency Moody’s has upgraded South Africa’s economic outlook from stable to positive. However, it has maintained the country’s overall credit rating at a sub-investment grade of B-A-2, which is two notches below investment grade.

In a statement released on Friday night, Moody’s has noted that the positive outlook reflects gradually strengthening fiscal performance and a sustained commitment to structural reforms.

The agency expects improving debt-service costs to stabilise the general government debt burden soon.

Moody’s warned that the country’s sub-investment grade rating still reflects low growth potential, largely constrained by a weak labour market and fragile state of network infrastructure.
The government has welcomed Moody’s decision. National Treasury says this upgrade makes South Africa the only G20 nation currently sitting on a positive outlook from the rating agency.





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