September 13, 2018 / 8:42 AM / 13 days ago

Little chance of downgrade for South Africa: Moody's

JOHANNESBURG (Reuters) - South Africa’s stable outlook on its credit rating means there is little chance of downgrade later this year, Moody’s said on Thursday, but a commitment to fiscal consolidation at the October budget would be key to maintaining the positive rating.

Seasonal fog enshrouds buildings in the city centre of Cape Town, South Africa, March 30, 2017. REUTERS/Mike Hutchings

Moody’s is the last of the top rating agencies to have Pretoria’s long-term foreign-currency debt in investment grade, but warned last week following the economy’s slide into recession that weak growth posed a “credit risk”.

Reporting by Alexnder Winning; Writing Mfuneko Toyana; Editing by James Macharia

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