South African finmin: Moody's looking 'very carefully' at fiscal stance

Rating agency Moody's told South Africa's National Treasury it was looking "very carefully" at the country's fiscal stance and will release its view on Friday, Finance Minister Tito Mboweni told parliament.

Mboweni spoke a day after he gave a bleak mid-term budget statement, which forecasts wider deficits and soaring debt. Moody's is the last of the big three rating agencies to have South Africa in investment grade.

"Moody's said they will release their view tomorrow, and they were looking very carefully at our fiscal stance. At most I hope they keep the rating where it is. ... It's not looking good," Mboweni said.

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