RAMPHOSA HAILS COLLECTIVE EFFORT WHICH PREVENT SOUTH AFRICA’S RATING DOWNGRADE
South African Deputy President Cyril Ramaphosa has hailed the co-operation whic developed in 2016 among the government, business and labour in their two successful bids to avert the country’s credit ratings downgrade.
He noted in his Christmas message to the nation that the initiative was led by Finance Minister Pravin Gordhan. All the major ratings agency have maintained South Africa’s investment grade credit ratings.
However, a number have changed our ratings outlook to negative, citing concerns about political instability and a sluggish South African economy.
Ramaphosa said that a highlight of 2016 was the collective effort of key sectors to work together to save the country’s credit rating.
Source: NAM NEWS NETWORK