Ramaphosa welcomes unchanged Moody's ratings

Deputy President Cyril Ramaphosa.
Deputy President Cyril Ramaphosa.

Johannesburg  Deputy President Cyril Ramaphosa has welcomed Moody’s credit rating decision on South Africa, which has remained unchanged despite fears of a looming downgrade to junk status.

Ramaphosa was in Mbizana in the Eastern Cape when he responded to the news.

“We are very pleased with Moody’s report where they have kept our rating status as is. Many people were thinking that they would downgrade us; now they haven’t and that is great success for us because that shows what we can achieve when we work together," he said.

“We have to congratulate our treasury for having led the charge working together, obviously as a whole as well [with] other organisations, trade unions, business, civil society,” he added. 

“It was very pleasing to see them travel to the investors overseas as a united team, essentially as Team South Africa going to sell South Africa and explain everything about our country.”

But Ramaphosa cautioned that as a nation, South Africa is not yet out of the woods.  

“But it is not over yet because there is another rating that is coming and this is when we must work harder and unite and demonstrate that South Africa is solid, it is stable and that we are a worthy investment destination,” he said. 

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