The Government Employees Pension Fund also wants to increase its investments outside SA
The Government Employees Pension Fund is planning to invest more of its about R2-trillion in fixed-income and unlisted assets as the country faces a possible credit-rating downgrade by Moody’s Investors Service in 2020.
SA’s economy unexpectedly contracted in the third quarter, which means full-year economic growth could be even lower than the 0.5% projected by the National Treasury in October. The shrinkage raises the risk of a credit downgrade by Moody’s as soon as the first quarter of 2020. That would rank the country among the junk, or non-investment grade borrowers.
Buying more unlisted assets would need to be “done right”, Sithole said. The Public Investment Corporation , the fund’s biggest manager, has been the subject of a judicial inquiry into whether the entity deviated from its mission to best safeguard pensions for more than 1.2-million state workers.
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