February 27, 2018 / 5:25 PM / 20 days ago

South Africa's new finance minister Nene to meet credit rating agencies

CAPE TOWN (Reuters) - South Africa’s newly appointed Finance Minister Nhlanhla Nene said on Tuesday after being sworn into office that his department has lined up meeting with rating agencies.

FILE PHOTO: South African Finance Minister Nhlanhla Nene takes part in a discussion during the World Bank/IMF Annual Meeting in Washington October 8, 2014. REUTERS/Joshua Roberts/File Photo

Speaking to Reuters minutes after being sworn in parliament, Nene said it was too early say if South Africa will be downgraded by Moodys, which rates the country a notch above junk, and is due to make decision at the end of March.

“There are meetings already lined up with the ratings agencies, because after the budget there is a program to do just that,” Nene told Reuters in the president’s office in parliament on Tuesday.

“It is too early to say,” Nene said in response to a question as to whether he thought Moody’s would downgrade South Africa’s credit rating.

Reporting by Alex Winning; Editing by James Macharia

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