SA not affected by Greek crisis.

SA’s credit ratings will not be tarnished by Europe’s deepening debt crisis and the outlook may even improve as growth picks according to Standard & Poor’s (S&P), Fitch and Moody’s Investors Service. The fallout from Europe’s woes would have a limited effect on SA, even though Europe is one of its main trade partners.

SA is benefiting from strong capital inflows as its economy pulls out of recession and the Moody’s rating is A3. Fitch is due to reassess its BBB+ grade rating, S&P has also given SA a BBB+ rating. The Japanese-based agency, Rating & Investment Information (R&I), affirmed its rating of A- (stable).

Despite the recession in SA last year, net foreign purchases of local shares and bonds was R90bn. In the year to date they have already reached about R38bn.

http://www.businessday.co.za/articles/Content.aspx?id=107553

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