September 13, 2018 / 8:44 AM / 9 months ago

Little chance of downgrade for South Africa: Moody's

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

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.

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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