Colin Coleman, CEO of Goldman Sachs SA, says this week's medium-term budget did manage to gain support for South Africa from ratings agencies Despite low growth, political upheaval and constrained finances, the chances that South Africa's credit rating will be downgraded this year are slimmer, say business leaders at the forefront of initiatives to save the country's rating. Colin Coleman, CEO of Goldman Sachs SA, said this week's medium-term budget did manage to gain support for South Africa from ratings agencies. Speaking at an event after the budget hosted by Discovery Invest, he said ratings agencies had acknowledged the strength of the country's democracy and the independence of key institutions like the Reserve Bank and the judiciary. Some structural reform was also noticed by ratings agencies. This included measures to stabilise the labour market, which has been prone to strikes in recent years, improved competition in certain industries, progress on youth employment and stre...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
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.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.