Moody’s affirms SA credit rating, maintains negative outlook

2013-07-18 11:46

Ratings agency Moody’s has affirmed South Africa’s investment-grade credit rating of Baa1, and maintained a negative outlook.

The credit rating was based on government’s commitment to fiscal discipline by ensuring the debt-to-gross domestic product stabilised below 45%, the National Treasury said in a statement today.

The rating was supported by the introduction of a macro prudential policy initiative aimed at strengthening financial market stability and a framework agreement for ensuring a stable labour market, particularly in mining.

The adoption of the National Development Plan also played a role.

“Government has taken proactive measures to address all the key concerns raised by Moody’s and remains committed to implement these measures,” the Treasury said.

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