Half the participants in a Bloomberg survey expect Moody's to maintain a stable outlook on its local- and foreign-currency debt, while the rest predict a cut to negative
SA may just be able to cling onto the stable outlook of its sole investment-grade rating this week, helping it stay clear of a forced selloff of billions of rand of its debt.
The deepest power cuts in more than a decade by Eskom are hurting efforts by the continent’s most-industrialised economy to recover from 2018’s recession. The budget deficit will probably widen to the worst in 10 years as declining tax revenue and bailouts for underperforming government firms weigh on public finances, dimming hopes that the country will hold on to the stable assessment from Moody’s.
Moody’s will probably give SA “the benefit of the doubt” after finance minister Tito Mboweni said the country’s strict conditional support for Eskom would not involve putting the company’s debt onto the sovereign balance sheet, said Inan Demir, Nomura’s head of Europe, Middle East and Africa economics.
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