Radebe: SA not expecting downgrade from Fitch

Johannesburg – South Africa’s government does not expect a downgrade from ratings agency Fitch and Standard & Poor’s, cabinet minister Jeff Radebe said on Monday, following the Moody’s decision not to downgrade the country’s credit rating.

Fitch and Standard & Poor’s have Africa’s most industrialised country just one notch above subinvestment grade, and are due to make their decisions in June.

Moody’s issued a statement late on Friday that left its rating of South Africa’s debt at Baa2, two levels above subinvestment grade, but assigned a negative outlook, saying that risks to implementation of structural and fiscal reforms remained a factor.