Moody’s upgrades its outlook on SA’s credit rating as high commodity prices support the government’s efforts to rein in debt and reduce budget deficits. Moneyweb
Moody’s Investors Service upgraded its outlook on South Africa’s credit rating as high commodity prices support the government’s efforts to rein in debt and reduce budget deficits. The company kept the nation’s foreign- and local-currency ratings at Ba2, two levels below investment grade, and changed the outlook to stable from negative.
Its assessment of South Africa’s debt is still a level higher than those of S&P Global Ratings and Fitch Ratings. The outlook change follows a budget buoyed by windfall mining revenue and forecasts showing government debt will now peak 75.1% of GDP in the 2025 fiscal year — a lower level and a year earlier than previously expected — and a consolidated budget deficit that will narrow faster than previously anticipated.
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