S&P’s review of South African sovereign rating and outlook
The Banking Association South Africa (BASA) welcomes the outcome of Standard and Poor’s (S&P) ratings review, announced today.
This is attributable to the credibility and strength of our institutions, amidst the challenging domestic economic and political circumstances that prevail. It is a positive affirmation of the confidence that international investors and institutions have in the leadership at the helm of our economy, in both the public and private sector.
According to Cas Coovadia – Managing Director of the Banking Association:
“We will still have a long way to go in order to prove that we are firmly on a sound financial footing and economic trajectory. However, under the leadership of Finance Minister Pravin Gordhan, there are positive signs that we are beginning to chip away at the implementation of budget consolidation and structure economic reforms to boost the economy.”
“We are cognisant that this has happened under difficult and trying personal and political circumstances for Minister Gordhan. We commend him for his single-mindedness, in placing the interests of our democracy, country and economy ahead of his own,” adds Coovadia.