South Africa's Treasury says Moody's downgrade to add to market stress

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JOHANNESBURG — South Africa’s National Treasury said on Friday that Moody’s sovereign downgrade to “junk” status would add to prevailing financial market stress but that it was difficult to say with certainty what the extent of the impact would be.

“Therefore, to say we are not concerned and trembling in our boots about what might be in the coming weeks and months is an understatement,” Finance Minister Tito Mboweni said in a statement.

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Ratings agency Moody’s downgraded South Africa’s sovereign credit rating to sub-investment grade, moving the rating down to ‘Ba1’ from ‘Baa3’ and maintaining a negative outlook. (Reporting by Olivia Kumwenda-Mtambo; Editing by Alexander Winning)