South Africa needs to act before agencies junk our country: Mboweni
Former Reserve Bank Governor Tito Mboweni says South Africa needs an “immediate defence mechanism” to avoid being awarded a “junk” rating by international credit ranking agencies. Speaking at a graduation ceremony of the Faculty of Commerce‚ Law and Management at the University of the Witwatersrand on Tuesday‚ Mboweni warned that “a dark cloud‚ mist or fog is gathering upon us as a country”.
South Africa avoids junk in June, but S&P warns a 2016 downgrade still possible
S&P Global Ratings announced on Friday evening that it had decided to affirmed its long- and short-term 'BBB-/A-3' foreign currency and 'BBB+/A-2' local currency sovereign credit ratings on the Republic of South Africa. However, it sustained it negative outlook, which it said reflected the potential adverse consequences of low growth and signalled that it could still lower South Africa's rating later in the year, or if proposed policy measures did not turn the economy around.
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There is a reasonable expectation that South Africa's sovereign credit rating will not be downgraded by Standard & Poor’s, says Overberg Asset Management.