March 23, 2018 / 10:03 PM / a month ago

Moody's keeps South Africa at investment grade, changes outlook to stable

JOHANNESBURG, March 23 (Reuters) - Ratings agency Moody’s on Friday kept South Africa’s credit rating unchanged but revised the outlook to stable from negative, saying previous weakening of institutions was gradually reversing, supporting an economic recovery.

“The confirmation of South Africa’s ratings reflects Moody’s view that the previous weakening of South Africa’s institutions will gradually reverse under a more transparent and predictable policy framework,” Moody’s said in a statement.

Moody’s rates Pretoria’s debt at Baa3, the lowest rung of investment grade. S&P Global Ratings and Fitch cut the country to subinvestment in 2017. (Reporting by Mfuneko Toyana Editing by James Macharia)

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