Today's Labour News

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MoodysBusinessLive reports that New York-based credit rating agency Moody’s sees the recent wage deals between platinum producers and the Association of Mineworkers and Construction Union (Amcu) as positive for SA’s sovereign debt rating.  

Moody’s has currently assigned a sovereign Baa2 negative rating, which is two notches above speculative or "junk" grade. It is due to review the rating this month.  The other agencies will review SA in December.  On Monday, Moody’s said the wage agreements were positive both for SA and platinum producers "because it avoids a strike and the loss of platinum production, which would have eroded mining companies’ profits and the government’s tax collection".  Zuzana Brixiova, co-author of the Moody’s report, commented:  "Platinum miners have run out of headroom to absorb wage increases markedly above the current inflation rate or for production losses."

  • Read this report by Asha Speckman in full at BusinessLive
  • See too Loonpakt in mynbedryf gee SA se gradering hupstoot, at Netwerk24 (limited access)


Get other news reports at the SA Labour News home page