Credit rating agency Fitch affirmed South Africa's 'BB-' credit rating with a 'stable' outlook on Monday, despite record scheduled power cuts and the transfer of most of struggling state utility Eskom's debt to the government.
Job seekers stand outside a construction site ahead of the release of the unemployement numbers by Statistics South Africa, in Eikenhof, south of Johannesburg, South Africa, June 23, 2020. REUTERS/Siphiwe Sibeko/File Photo
The government providing 186 billion rand of advances to Eskom and taking on more than 70 billion rand of its loans would add 3% to South Africa's debt-to-GDP ratio, Fitch said. While the high debt-to-GDP ratio and "modest" fiscal consolidation also weighed on South Africa's credit rating, it was "supported by a favourable debt structure with long maturities and denominated mostly in local currency as well as a credible monetary policy framework", Fitch said.
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