File: Moody's is the only international credit rating agency that hasn't downgraded the country to junk status.
JOHANNESBURG - While South Africa’s credit profile has proven to be resilient it's likely to continue to erode, according to Moody’s Investors Service.
Moody's is the only international credit rating agency that hasn't downgraded the country to junk status.
In a post-election credit report, the agency painted a bleak outlook for the country’s GDP growth rate which is expected to remain low.
It says government's debt burden was expected to rise to 65 percent of GDP by 2023 and more than 70 percent when including guarantees to Eskom.
The report doesn't say when it would be reassessing South Africa's sovereign credit rating.
Analysts predict that this may happen after President Cyril Ramaphosa announces his Cabinet.