South Africa 2022 Budget: The worst is in the rearview
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Further improvement in deficit targets, with debt now stabilising 1 year earlier and 3pp lower than November forecast
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Driven by revenue windfalls, with 55% used to fund temporary spending measures and 45% used to reduce deficit
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We upgrade from Hold to Buy on local government debt, maintain Hold recommendation for South African hard currency debt
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.