Supplementary Budget 2020
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Rating agencies to keep keen eye on SOE funding

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Johannesburg – Rating agencies will be keeping a close watch on how Finance Minister Pravin Gordhan will be funding state-owned enterprises (SOEs).

This is according to a preview on the National Budget by Craig Pheiffer, chief investment strategist for Absa stockbrokers and portfolio management.

Rating agency Moody’s recently kept South Africa’s credit rating two notches above sub-investment grade with a negative outlook at Baa2. Fitch kept the sovereign rating at BBB- but downgraded the outlook to negative and Standard & Poor’s (S&P) also kept the rating one notch above junk with a negative outlook.

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