South Africa is a resilient country that is working to demonstrate its commitment to translate plans into concrete actions, National Treasury said on Wednesday.<\/p>\n
This as Moody\u2019s Investors Service (Moody\u2019s) placed South Africa\u2019s long and short term ratings of \u201cBaa2\u201d and \u201cP-2\u201d, respectively, on review for a possible downgrade.<\/p>\n
The credit ratings agency will visit South Africa for its annual review from 16 – 18 March 2016.<\/p>\n
\u201cThis review visit will primarily serve to either affirm the current ratings or downgrade them. Moody\u2019s currently rates South Africa two notches above sub-investment grade for foreign currency debt,\u201d said National Treasury in a statement on Wednesday.<\/p>\n
During the visit, the agency will assess the views of various stakeholders in government, civil society, labour and in the private sector on a number of areas, including whether the decline in South Africa\u2019s economic strength will be reversed in the medium term; if sufficient progress can be made to stabilise and restore fiscal strength, and if policy is likely to lead to a reversal in the continuing erosion of government\u2019s balance sheet.<\/p>\n
\u201cAs a resilient nation, we are working together — civil society, labour, business and government to demonstrate our commitment to translate our plans into concrete actions,\u201d said Treasury.<\/p>\n
In its meetings with the agency, National Treasury will highlight the:<\/p>\n
South Africa could be junk by the end of March<\/a><\/strong><\/p>\n What junk status means for South Africa<\/a><\/strong><\/p>\n