In a post-election credit report on South Africa Thursday morning, Moody’s says while SA’s credit profile is “resilient to shocks” that support its investment-grade rating, the country’s credit profile is likely to continue to erode”. Moody’s is the only international credit rating agency that has not downgraded SA to junk, keeping SA at Baa3.
Speaking at an investor conference in Westcliff, Johannesburg on Wednesday, President Cyril Ramaphosa says investors should not be deterred from seeking investment opportunities in the country – amid the land reform debate in South Africa.
He assured potential investors that land grabs will not be tolerated if and when land is being expropriated.
“Investors should not be worried about that. The constitution does allow for land to be expropriated, but there will never be land grabs. We will not allow land grabs to happen. We say to people do not fear. This is a process that has to address the original sin, but it takes into account the current imperatives and does it carefully in terms of the rule of law,” he adds.
The Goldman Sachs Group announced its intention to broaden its service offering in South Africa and strengthen its ongoing commitment to the country. The firm intends to expand its onshore presence by offering fixed income products, including foreign exchange and South African government securities, to corporate and institutional investors in South Africa.