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S&P Cuts S. Africa's Credit Rating Outlook Citing Infrastructure & Power Constraints

SOUTH AFRICA
  • S&P Global Ratings affirmed South Africa's long-term foreign-currency rating at BB- but revised the outlook to "stable" from "positive," upending the country's efforts to regain an investment-grade score. The rating agency pointed to South Africa's infrastructure constraints, particularly "acute electricity shortages." At the same time, it said that it "could raise the ratings if there is an improving track record of effective reforms." The announcement came as a surprise, as S&P wasn't supposed to revise South Africa's credit rating until May 19. The Treasury took note of the S&P's decision and said it remains committed to reducing the crippling power cuts.
  • President Cyril Ramaphosa will be in parliament at 14:00SAST/12:00GMT to take questions from lawmakers after reshuffling his Cabinet earlier this week. Separately, parliament's public spending watchdog is expected to finalise the terms of an inquiry into the state of Eskom as soon as next week, but the Daily Maverick reports that the probe is unlikely to start before the Easter recess.
  • South Africa's current account balance for 4Q2022 will be published later this morning.
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