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...
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