All three major sovereign credit ratings agencies had given SA’s February budget a positive reception, while also welcoming the recent political changes, Finance Minister Nhlanhla Nene told Business Day from London on Tuesday. Nene, a team from the Treasury and the Reserve Bank, and business representatives have met Fitch Ratings, S&P Global Ratings and Moody’s Investors Service, as well as bond investors, in the British capital this week. Nene said he believed SA was telling a "credible" economic story. But he acknowledged it was unclear if Moody’s would cut their rating to "junk". He said the ratings agency and private investors were asking about a government plan to transfer land from white to black owners. "Our budget was well-received and they seem confident about the political developments in the recent weeks. It is very difficult to read the body language of rating agencies, but I think it is a credible story we are telling," Nene said. He said that SA would raise $3bn from t...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.