Analysts at TD Securities point out that S&P is due to review its BB (stable) rating for FC South Africa sovereign debt (The LC rating is BB+).
Key Quotes
“Fitch has an FC rating of BB+ while Moody’s has Baa3. S&P cut the rating by one notch in November of last year in the wake of a negative MTBPS and political turbulence.”
“Since then the political landscape has improved considerably with Ramaphosa’s election, although growth remains weak, with negative consequences for the fiscal position. We think that S&P will keep the rating and outlook unchanged.”
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