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South Africa Says Moody’s View Mistaken, Business Times Reports

South Africa’s Deputy President Kgalema Motlanthe said this month’s downgrade of the country’s credit-rating outlook by Moody’s Investors Service reflects a lack of political understanding, Business Times reported.

Moody’s said its Nov. 9 decision to change the outlook on the sovereign-debt rating to negative from stable was based on the belief that popular pressures and strains within the ruling African National Congress would undermine South Africa’s commitment to a low budget deficit.

Debates within the ANC do not weaken the government’s fiscal discipline, which has been proven over time, Motlanthe told the Johannesburg-based newspaper.

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