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SA braces for Moody’s credit rating announcement

A cut to junk would see South Africa removed from the influential world government bond index, triggering up to R100 billion in selling by foreign investors.

FILE: Moody's Ratings agency. Picture: Facebook.

JOHANNESBURG - With Moody's expected to release its credit rating review on Friday, there appears to be general confidence that the agency will keep its overall position unchanged.

Moody's rates the country one notch above junk, while the other agencies have placed South Africa at sub-investment grade.

In November, Moody’s placed the BAA3 long-term South African bonds on review for a downgrade.

Traders have been cautious ahead of the credit rating review by international agency Moody's.

All but two of 18 economists polled by Reuters this week said that South Africa would avoid a credit rating downgrade by Moody's.

A cut to junk would see South Africa removed from the influential world government bond index, triggering up to R100 billion in selling by foreign investors.

Earlier this week, Business Leadership SA, the Federation of Unions of South Africa and others expressed their confidence that Moody's would keep its rating unchanged.

The Treasury, business and labour conducted an international roadshow this month, meeting the three major ratings agencies in London, confident that their efforts will pay off.