Moody's affirms South Africa

Moody's Investors Service said it affirmed the positive outlook on the government of South Africa's Baa1 foreign-currency rating and the respective A2/Baa1 foreign-currency country ceilings for debt and deposits. The agency also placed on review for downgrade South Africa's A2 local-currency government rating.

The review reflects fiscal pressures which, while clearly not unique to South Africa in the current global context, will probably weaken the government's creditworthiness at the margin, Moody's said. The material risk of a prolonged recession could create significant pressures on public finances in light of unsatisfied economic and social demands, the agency added.

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