S&P downgrades SA’s credit outlook over infrastructure and power issues

Slow reforms and contingent liabilities from SOEs pose risks to the country’s fiscal and debt position, says National Treasury

Ratings agency S&P Global has unexpectedly downgraded SA’s credit outlook from positive to stable, citing infrastructure issues and power outages.

“In addition, reforms to address infrastructure shortfalls and to improve governance and performance at state-owned enterprises are slow, weighing on growth, while contingent liabilities from SOEs pose continued downside risks to SA’s fiscal and debt position,” National Treasury said in a statement late on Wednesday evening...

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