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Moody’s unlikely to downgrade SA’s credit rating, say analysts

Moody’s is the last of the three major agencies after Fitch and Standard & Poor’s to keep the country above junk status.

Picture: Facebook

JOHANNESBURG – Analysts believe Moody’s is unlikely to downgrade South Africa’s credit rating as the country grapples with a technical recession.

The rating’s agency is due to release its latest review on the country later on Friday.

Moody’s is the last of the three major agencies after Fitch and Standard & Poor’s to keep the country above junk status.

Moody’s has the country’s debt rating at one notch above investment grade with a stable outlook.

The ratings agency indicated last month that there was little chance it would downgrade the country’s debt but would continue to pay close attention to government’s commitment to reducing debt and growing the economy.

Analyst at Peregrine Treasury Solutions, Bianca Botes, says that Moody’s is likely to give government some breathing room.

Nedbank’s Isaac Matshego agrees.

If South Africa’s credit rating remains unchanged it would give newly appointed Finance Minister Tito Mboweni some time to find his feet.

Mboweni has had to hit the ground running preparing for his first medium-term budget policy statement which he’s due to deliver in less than two weeks’ time.

(Edited by Leeto M Khoza)

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