ANC President Cyril Ramaphosa has welcomed South Africa’s sovereign credit rating by global rating agencies Moody’s and Standard & Poor (S&P)as good news for the country.
He was speaking to SABC News on the sidelines of the launch of the African National Congress (ANC)’s voter registration drive in Riverside View in Diepsloot, North of Johannesburg.
In an announcement earlier Saturday, S&P maintained the country’s sovereign credit rating at double-B, keeping its outlook positive while Moody’s revised South Africa’s credit rating from stable to positive last week.
Ramaphosa says this means the country is now becoming attractive to investors.
Ramaphosa says, “This is not self-induced by SA, it is a verdict that has been delivered by entities like Moody’s like S&P. They are the ones who are saying we are now positive, meaning that we are moving forward and we are getting out of junk status. What does that mean? It means we are becoming more attractive to investors. It means that our borrowings are going to be cheaper, so it is good news. It is a good news story and we continue to build up on that good story as we proceed with our reforms and these reforms have not been imposed on us, they are reforms that we ourselves have initiated.”
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