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Load-Shedding Moderates, Fitch Affirms S. Africa At BB-

SOUTH AFRICA
  • Electricity Minister Kgosientsho Ramokgopa said that South Africa had experience a "significant amount of reprieve" in load-shedding in the 21 days leading up to last Thursday, when it plunged to Stage 6 outages due to icy weather conditions. The Minister shared the assessment that South Africa "rode the most difficult wave" last week and "we really don't anticipate going" into Stage 8. In the meantime, Eskom reduced its rolling blackouts and will now move between Stages 1 and 3 until further notice.
  • Fitch affirmed South Africa at BB- with a stable outlook but cut the nation's 2023 GDP growth outlook to zero due to severe power outages in recent months. The rating agency estimated that economic growth will pick up to +0.9% Y/Y next year and +1.3% in 2025.
  • President Cyril Ramaphosa said he was confident that the African National Congress (ANC) would win next year's general election by a convincing majority. The ruling party has recently intensified preparations for the polls, in which it will seek to preserve its ability to govern alone.
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