Jacob Zuma, the South African President is giving assurance to foreign investors that his country “remains an important and strategic investment destination”. The three major international rating agencies kept the country’s investment-grade status. Last week ratings agencies Fitch and Moody’s maintained South Africa’s credit rating and sovereign rating at investment levels. Moody’s maintained the sovereign rating at Baa2, two levels above sub-investment while Fitch placed the investment grade credit one notch above junk status. Although the third ratings agency, Standards and Poors on Friday downgraded the local debt of the country by one notch, it retained the sovereign credit rating at one level above junk status. This actually comes as a great relief to the embattled Jacob Zuma who has been involved in several charges of corruption.
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