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Moody's: Possibility of downgrade for SA less than 50%

The ratings agency is expected to review South Africa's Baa2 rating with a negative outlook in November.

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 says the probability of a credit rating downgrade for South Africa is less than 50 percent.

It says any move to replace Finance Minister Pravin Gordhan, who is at the centre of a police probe, would only be an issue if it threatened the continuation of current economic policy.

Moody's is expected to review South Africa's rating at Baa2 with a negative outlook on 25 November.

With the change in finance ministers and concerns that Gordhan may be arrested, economists have been worried that the country would be downgraded to junk status.

However, Moody's says this will not necessarily be the case with the closing of the country's energy gap, a positive for the economy.

The agency also says it's confident that Gordhan will stay in his job.

Moody's has highlighted South Africa's second quarter growth figure of 3,3%, but says this is not enough to affect the country's rating.

Standard & Poor's and Fitch are also expected to review their ratings later this year.