Fitch leaves SA’s credit ratings unchanged at BB+

In April, Fitch downgraded the country’s credit rating to sub-investment grade after President Jacob Zuma made changes to his Cabinet during his infamous midnight Cabinet reshuffle, which saw Pravin Gordhan and Mcebisi Jonas fired from the finance ministry.

Fitch said in a statement: “The affirmation reflects that while a number of developments point to a weaker fiscal outlook and consequent faster pace of debt accumulation, potential fiscal consolidation measures after the African National Congress’s elective conference in December could mitigate those trends.”

On Friday, Moody’s and S&P Global Ratings are expected to announce their decisions.

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