Moody's on way to SA for thorough review
Cape Town - Moody's Investors Service has announced it will come to South Africa in the near future for a thorough review, after placing the country on intense watch for now.
During this visit Moody’s will either affirm or downgrade its current rating for South Africa following its annual review visit from March 16 to 18, National Treasury confirmed on Wednesday.
Late on Tuesday Moody’s, which currently rates South Africa two notches above sub-investment grade for foreign currency debt, placed the Baa2 bond and issuer ratings of the RSA government on review for downgrade.
NKC African Economics said the move comes as no surprise. "Moody’s had already put South Africa’s rating on negative outlook in December and given the fact that it rates South Africa one notch higher than fellow rating agencies, such as Fitch and Standard & Poor’s (S&P), this move comes as no surprise."
Rand at lowest level for week