Team SA pulling us back from junk status precipice - Radebe

Government and its social partners are fast-tracking interventions to turn around the economy and address the concerns raised by credit rating agencies‚ Minister in the Presidency Jeff Radebe said on Friday.

"Cabinet remains confident that the path set out in the national development plan and government's planned fiscal consolidation together with the implementation of the nine point plan will help SA remain an investment-grade country‚" Radebe said at a post cabinet media briefing.

He noted that the three major credit ratings agencies‚ Moody's Investor Services‚ Fitch Ratings and Standard & Poor’s‚ had kept SA's sovereign debt credit rating status above sub-investment grade. These decisions over the last few weeks have pulled SA back from the precipice of junk status.

"Cabinet commends the effective partnership of Team South Africa - constituted by government‚ business‚ labour and all South Africans for working together to safeguard SA's investment rating‚" Radebe said.

"Through hard work and unified action the economy and investor confidence has been stabilised in these difficult economic times." BusinessLIVE