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SA avoids ratings downgrade by Moody's

Treasury says the firm has already made two changes to the country's debt status.

A sign for Moody's rating agency stands in front of the company headquarters in New York in 2012. Picture: AFP.

JOHANNESBURG – Ratings agency Moody's has decided not to release a ratings review for the South Africa, saying there have been no major events to warrant one.

Treasury says the firm has already made two changes to the country's debt status.

National Treasury's chief director for strategy and risk Mampho Modise explains: "They won’t be making an announcement .... They have made two announcements already so they did not see a reason for them to have a review committee because things haven't changed."

South Africa’s sovereign debt was cut to sub-investment by Fitch and Standard and Poor’s Global in April after President Jacob Zuma fired Pravin Gordhan as finance minister.

In June, Moody's cut its rating to one notch above junk with a negative outlook.

Moody's has cited a volatile political scenario along with poor economic growth as just some of its concerns when rating the country.

In June, it downgraded the country's sovereign rating to Baa3 with a negative outlook.

In line with this, it also downgraded the country's largest banks, insurance companies and other entities.

Economists have argued that not much has changed since the country's last review.

Earlier this week, Standard and Poor’s Global also stated that the status quo had remained the same.

This was irrespective of the unsuccessful no confidence vote against President Zuma.

Additional reporting by Reuters.

(Edited by Shimoney Regter)

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