JOHANNESBURG, March 24 – Moody’s Investor Services’ decision to confirm South Africa’s credit rating at investment grade is an endorsement of the “decisive choices” the country has made and the path it has adopted towards economic recovery, the South African National Civic Organisation (Sanco) said on Saturday.
On Friday night, Moody’s said it had taken a decision to affirm South Africa’s long-term foreign and local currency debt ratings at “Baa3” and also to revise the outlook from negative to stable because previous deterioration of the country’s institutions would gradually reverse under a more transparent, predictable policy framework.
“It is imperative for the country to follow through on policy certainty it has provided and not to be complacent in order to derive investment benefits that will boost economic growth and job creation,” Sanco national spokesman Jabu Mahlangu said.
State-owned enterprises (SoEs) should be repositioned for a development trajectory to take advantage of the revised investment grade.
“They must meet targets for enterprise development, job creation, as well as support community development wherever they are located, and be closely monitored for them to meet the objectives of the national development plan,” he said.
– African News Agency (ANA)