Moody’s says South Africa Q1 GDP contraction credit negative

JOHANNESBURG – Ratings agency Moody’s said on Monday that a first-quarter economic contraction in South Africa was “credit negative” for government revenue and policy options.

Moody’s is the last of the big three international credit firms to rate South Africa at investment grade. It also cut its forecast for the country’s 2019 economic growth to 1.0% from 1.3%.