ANC says nothing to save SA from junk status – economist
15 December 2015
Cape Town - The ANC's National Working Committee (NWC) gave no recognition of the damage done from the flip-flopping of finance ministers in the past few days and nothing to save South Africa from junk status, said emerging markets economist Peter Attard .
Earlier this month, ratings agency S&P downgraded South Africa’s outlook to negative, while Fitch downgraded the credit rating to BBB- from BBB. This rating is only one notch above “junk” status and in-line with S&P’s rating, although S&P have a negative outlook on the rating, while Fitch have a stable outlook.
There was no recall of President Jacob Zuma, a disappointment for locals expecting anything more dramatic and pushing recall rumours beforehand, he said.
The fact that nothing new on growth or policy was forthcoming is "negative and a disappointment for the market".