S&P is not swallowing the Kool-Aid on South Africa
The affirmation of the current credit ratings by the global agency belies the cautious tone of its analysis and is a reminder of the reason the country is pegged at three notches into junk status
24 November 2022 - 05:00
S&P Global Ratings’ analysis, though fair and balanced, makes for sobering reading.
Released on Friday, the report gives credit where it is due, acknowledging the positive effect of the commodity boom on South Africa’s fiscal position, the country’s flexible currency and deep capital markets as well as the potential for reforms to lift its growth rate. But the ratings agency refuses to buy the government’s line on debt stabilisation...
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