ANCYL: Ratings agency Moody’s is a fraud

The league has called on government to bar Moody's from setting foot in the country saying the ratings agency is not credible.

Picture: Supplied.

JOHANNESBURG - The African National Congress Youth League (ANCYL) has called on government to bar Moody's from setting foot in the country saying the ratings agency is not credible.

The league held a briefing at the Saint George’s Hotel in Centurion on Wednesday.

Earlier this year Moody’s agreed to pay R11.7 billion in penalties for its role in the 2008 financial crisis.

The agency was fined for issuing false credit ratings that eventually led to the market crashing.

The ANCYL's Njabulo Nzuza says Moody's is a fraud.

“South Africa must look for alternatives; you can’t have fraudulent people coming into South Africa to do our ratings.”

He says the agency must be barred from South Africa.

“The agreement by Moody’s to pay the fine for participating in the 2008 financial crisis proves that they are not credible and they must not set foot in this country again.”

The league says it’s about time that the agency is taught a lesson.

(Edited by Neo Koza)