Moody’s Says South Africa on Track to Stabilize Debt This Year

South African government debt is still on track to have peaked despite the Iran war, Moody’s Ratings said in a new report that endorsed the nation’s focus on reform and prudent public finances.

“Improving fiscal performance and steady reform momentum support our view that government debt will stabilize this year before gradually declining,” the ratings agency said in a note on Wednesday. “This credit-positive shift is supported by stronger revenue, greater spending restraint and improving funding costs.”