Ratings agency S&P Global revises South Africa's credit rating to stable
Ratings agency S&P Global revised South Africa’s credit rating outlook to stable from positive on Wednesday, while affirming the long-term foreign and local currency debt ratings at BB- and BB, respectively.
In a late-night statement the agency said economic growth faced increasing pressure from infrastructure constraints, particularly severe electricity shortages.state-owned enterprises were slow and impeding economic growth. But on a positive note, the agency acknowledged that the country’s fiscal position improved in 2022 as tax revenue rose.
The was a positive impact due to relatively high metal and minerals prices, and rising profitability in the finance andIn response, government said it would take urgent measures to reduce load-shedding in the short-term and transform the sector through market reforms to achieve long-term energy security.
The government said other reforms were under way to improve performance in the transport sector, in particular
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