SABC News - Moodys concerned about SA’s political stability: Ramaphosa:Thursday 24 March 2016

Moody's concerned about SA’s political stability: Ramaphosa

Thursday 24 March 2016 08:53

Angela Bolwana

Moody's representatives were in the country last week.

Moody's representatives were in the country last week.(REUTERS)

Deputy President Cyril Ramaphosa says rating agency Moody's has asked about political stability in South Africa.

Addressing African National Congress professionals in Sandton, Ramaphosa said the rating agency had met with some members of the country's leadership.

There are fears that the country might be downgraded to junk status.

While we should acknowledge our challenges we should be very careful not to overstate them


Ramaphosa says, "Moody’s people were in the country, they saw a number of us and they did raise the issue of political instability or uncertainty."

"While we should acknowledge our challenges we should be very careful not to overstate them. South Africa is politically stable."

Moody's warned union federations that worsening labour relations are among factors that could result South African losing its investment grade.

Last week, Moody’s representatives also met with the Federation of Unions of South Africa and the National Council of Trade Unions to discuss the issues weighing on SA's credit rating.

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