Durban – International credit rating agency Moody’s has skipped a decision to review South Africa’s Baa3 rating, which was expected on Friday, without giving a reason for the delay or the next scheduled release date.
This means South Africa stays at Baa3, which is one notch above sub-investment grade, with a stable outlook until the next review takes place on November 1, 2019
Ratings' agencies S&P and Fitch downgraded South Africa to non-investment grade (junk status) in 2017.
A similar rating by Moody’s would have hit South Africa’s embattled economy – and president Cyril Ramaphosa’s drive to attract $100 billion in investment over the next five years - hard.
This is the second time in a row Moody’s has deferred a pronouncement on South Africa’s rating. It did not give reasons for the decision.
African News Agency/ANA
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