04 December 2016, Sweetcrude, Pretoria — President Jacob Zuma has congratulated government, business, labour and all South Africans after three major credit rating agencies kept South Africa’s sovereign debt credit rating status above junk status.
Rating agency Standard and Poor (S&P) on Friday affirmed South Africa’s sovereign credit rating at one notch above junk status and kept it at BBB with a negative outlook. This is investment grade rating.
“We congratulate Team South Africa, particularly the government, business and labour for ensuring that the country’s sovereign debt credit rating status is not downgraded to junk status. Unity in action and hard work have paid off against a very volatile global economic climate,” President Zuma said.
“Working together as government, business and labour we can overcome the current economic challenges and we must continue working hard and creatively to reignite growth so that jobs can be created for our people,” the President said
He assured international investors that South Africa remains an important and strategic investment destination.
The latest announcement by S&P means that all three rating agencies including Moody’s and Fitch have retained South Africa in an investment grade. The Fitch Ratings firm last week kept South Africa one notch above junk but dropped its outlook from stable to negative.