Moody's kept SA's sovereign debt at above investment grade, also changing our outlook to stable.
Ratings agency Moody’s announced late on Friday night that it had decided to keep South Africa’s sovereign debt at above investment grade, as well as to change the country’s outlook to stable.
Moody’s said in an announcement:
"The confirmation of South Africa's ratings reflects Moody's view that the previous weakening of South Africa's institutions will gradually reverse under a more transparent and predictable policy framework… The recovery of the country's institutions will, if sustained, gradually support a corresponding recovery in its economy, along with a stabilisation of fiscal strength."
National Treasury welcomed the decision, saying in a statement that government was working to improve South Africa’s investment and economic prospects by providing policy certainty. Treasury said that Moody’s decision "demonstrates that South Africans working together can achieve remarkable outcomes".