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23 July 2024

South Africa ratings may stay: Moody's

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By Staff Writer

Moody's Investors Service said it probably will not change South Africa's sovereign ratings over the next 18 to 24 months after Africa's largest economy increased foreign currency reserves. "We have a stable rating outlook, with the local currency and foreign currency debt aligned," Kristen Lindow, Senior Vice-President of Sovereign Risk, said. South Africa's "modest" foreign debt levels and its floating exchange rate that provides a cushion in the event of capital outflows also informed the stable rating, she said. The rating may be upgraded on increases in foreign liquidity, clear signs that the trade and current account deficits are sustainable.