Johannesburg - South Africa had received some breathing space after the decision by Moody's not to downgrade the country's credit rating and will interact with Fitch and Standard & Poor's in the next couple of weeks, Finance Minister Pravin Gordhan said on Monday.
“We developed a common intent among labour, business and government that we don't want to be downgraded and we have many positives to say about ourselves,” Gordhan told reporters at a public finance management conference.
Moody's left its rating of South Africa's debt at Baa2, two levels above subinvestment grade, but assigned a negative outlook, saying that risks to implementation of structural and fiscal reforms remained a factor.
Fitch and Standard & Poor's have the country just one notch above subinvestment grade.
REUTERS