The credit rating agency has attributed its upgraded assessment on South Africa due to better revenue from high commodity prices that support the government’s efforts to rein in debt and reduce budget deficits.
In a statement released last night, Moody’s noted the likelihood of the government’s debt burden stabilising over the medium-term.Despite some improvement in the country’s outlook, the company kept the ratings at junk status.It has also commended the government for showing its ability to re-prioritise its spending including its commitment to fiscal consolidation.
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