, FitchRatings warned debt stabilisation in SouthAfrica will remain a challenge as it maintained its stable outlook on the country’s sub-investment grade credit rating. Moneyweb Fitch Debt
Fitch Ratings warned debt stabilisation in South Africa will remain a challenge as it maintained its stable outlook on the country’s sub-investment grade credit rating. The decision reflected lower than previously anticipated government debt last year and improved metrics such as the current-account balance, partly due to higher prices for commodity exports, it said. The national budget presented by Finance Minister Enoch Godongwana in February projected government debt will peak at 75.
“The poor finances of many public enterprises mean they pose considerable risks to public finances,” Fitch said. State-owned power utility Eskom “is expected to require additional financial support of around R150 billion , which is not factored into our debt forecast due to the uncertain timing and form of support,” the ratings company said. Assessments of South Africa’s debt from the three major firms are at the lowest levels since the country first obtained credit ratings in 1994.
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