National Treasury says it has acknowledged S&P's decision and reiterated its commitment to reduce rolling power cuts. Moneyweb loadshedding
S&P Global Ratings said late on Wednesday it downgraded its outlook on South Africa to stable from positive, citing severe power cuts. South Africa’s economy contracted more than expected in the last quarter of 2022, as an escalation in rolling power cuts contributed to most sectors from agriculture to mining shrinking, data on Tuesday showed.
The rating agency affirmed South Africa’s ‘BB-/B’ foreign currency sovereign credit ratings, but warned that it could lower them if the government’s ongoing reforms to address the power crisis does not progress as planned. The country’s National Treasury said it acknowledged S&P’s decision and reiterated its commitment to reduce rolling power cuts, which has plagued households and businesses for well over a decade in Africa’s most industrialised economy.
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