Market was expecting the worst from Moody’s, so there’s no time to relax before February
Moody's signage is displayed outside of the company's headquarters in New York. Picture: BLOOMBERG/ GETTY IMAGES/ RAMIN TALAIE
It also wasn’t a surprise that the country’s outlook was changed from stable to negative, in theory giving SA an 18-month window to get its fiscal house in order. Considering the size of our economy, that is a huge amount, which could cause massive disruption, rand weakness and higher bond yields. That would translate to even more of the budget being eaten by debt service costs, meaning less money to invest in infrastructure, health and education.
Fresh from his trip to Japan, where he saw the Springboks conquer the world, Ramaphosa has another opportunity to tell a positive story about SA when his second investment conference kicks off. The inaugural conference, held in 2018, was successful enough, with more than $20bn of investment commitments.Government data as of August paints a rather surprising positive picture, with about $17bn of the 2018 commitments in the implementation phase.
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