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Moody's expected to release SA credit rating after MTBPS

The agency was expected to release its rating on Friday night but instead opted not to.

FILE: Moody's headquarters in New York. Picture: AFP

JOHANNESBURG - Ratings agency Moody's is now expected to release its statement on South Africa's sovereign credit rating after Finance Minister Tito Mboweni delivers his medium-term budget on the 24th of this month.

The agency was expected to release its rating on Friday night but instead opted not to.

Moody's has South Africa's rating at Baa3, one notch above sub-investment grade.

The agency has a stable outlook for South Africa and out of the three main agencies, it is the only one to have the country above junk status.

Last month, Moody's indicated that it will not downgrade the country.

However, if this was to happen the country would automatically be removed from the Citi World Government Bond Index, forcing asset managers to sell billions of rands' worth of SA bonds.

The agency has warned that the country needs to curtail spending and sort out state-owned entities, with growth also a problem.

But for now, new Finance Minister Tito Mboweni has been given a reprieve with under two weeks to go until his medium-term budget speech.

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