Moody’s downgrades SA credit rating to negative

On Saturday, the announcement by the rating agency Moody’s to keep the country one notch above investment grade from stable to negative.

The DA said the decision was not unexpected. The party’s Dion George said: “As we saw from Minister Mboweni’s speech in Parliament… he certainly said the right things like cutting the public sector wage bill, but if you look into the numbers going into the next three years, you can see that absolutely nothing is being done to it.”

Meanwhile, Finance Minister Tito Mboweni has acknowledged Moody’s rating with a heavy heart, saying he hoped for a different outcome.

“Fellow South Africans now is the time to roll up our sleeves and do what we have to do. It’s now or never. We need all hands on deck. Government, labour, business and civil society, we need each other now more than ever. The country is ours and it is only us who can turn it around,” Mboweni said in a statement.

Meanwhile, Business Unity South Africa (Busa) said it was not surprised by Moody’s announcement.

Busa president Sipho Pityana said they warned for months that the country needed drastic and fundamental action on key economic issues.

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Source – EWN

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