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Rating agency Moody’s has kept South Africa’s credit rating at a sub-investment grade of Ba2 and maintained a stable outlook. In a statement released last night – Moody’s took a decision not to downgrade the country’s credit due to strong and independent institutions such as the judiciary and the central bank, a robust, deep financial sector and a solid external position.

The rating agency has warned that the move also acknowledges chronic challenges posed by the country’s inequalities which hamper reform progress and fuel social risk, as well as persistent structural constraints on economic growth, and a relatively high and costly debt.

The latest review is seen as more cautious, last month S&P revised South Africa’s ratings outlook from stable to positive citing an improved reform programme and economic growth potential. National Treasury says it notes Moody’s latest decision. It says the government of national unity will pursue structural reforms and ease growth bottlenecks. It is also pursuing policies to achieve rapid, inclusive and sustainable economic growth.

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