Economics
Mboweni Prioritizes Regaining South Africa’s Investment Grade Rating
- Mboweni says company needs to focus on State companies, debt
- S&P Ratings and Fitch have cut the country’s debt to junk
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South Africa’s government is prioritizing regaining an investment grade rating on its debt as part of its plans to revive a stagnant economy, Finance Minister Tito Mboweni said.
Moody’s Investors Service is the only one of the three major credit-rating companies that still assesses South Africa’s debt at investment grade. S&P Global Ratings and Fitch Ratings Ltd. cut their assessments to junk during former President Jacob Zuma’s tenure which was characterized by political uncertainty due to multiple cabinet reshuffles and corruption scandals.