Image: Moneyweb
“Political tensions impeded key structural reforms such as comprehensive reforms of state-owned enterprises, which are yet to take place, and hampered growth, another key credit challenge,” said Moody’s.
The ratings agency released a statement on Wednesday afternoon. Moody’s currently rates South Africa two notches above junk status with a negative outlook.
This comes in the wake of S&P commenting on the politics affecting the state, particularly within the ANC, which is experiencing a succession battle between outgoing AU chairperson Nkosazana Dlamini-Zuma and Deputy President Cyril Ramaphosa.
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