South Africa No-Confidence Vote Outcome Means Status Quo For Rating: S&P Global

www.oann.com | 8/8/2017 | Staff
hey13 (Posted by) Level 4
LONDON (Reuters) – South African President Jacob Zuma’s survival in a parliamentary no-confidence vote will not impact the country’s downgrade-threatened credit rating, the S&P Global agency said on Wednesday.

Zuma survived a no-confidence motion against him in on Tuesday by winning 198 votes to the opposition’s 177 votes as African National Congress lawmakers rallied to his support, though some members did vote against him.

Failure - Vote - Status - Quo - S

“Failure of no-confidence vote means status quo remains,” S&P’s primary analyst for South Africa Gardner Rusike told Reuters.

“The situation remains within our base-case scenario which is desirable (for maintaining the current BB+ rating with a negative outlook).”

Rusike - Risks - Risks - Economy

Rusike said, however, that political risks remain elevated, carrying risks for the South African economy.

The sizable number of ANC parliament members voting with the opposition, was “unexpected” and showed divisions within the party, Rusike said. That could impact the December 2017 ANC elective conference and perhaps...
(Excerpt) Read more at: www.oann.com
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