Analysts at TD Securities point out that Moody's is due to review South Africa's sovereign rating - the FC and LC debt ratings are both Baa3 with a stable outlook.
“The other two agencies have sub-investment grade ratings on both the FC and LC debt. In its March review, at which the rating was left unchanged but the outlook moved to stable from negative, Moody's said the recovery of institutions in South Africa would, if sustained, kick-start the economy as well as provide a stabilization of fiscal strength. This is a process which is currently underway and we think that Moody's will keep the rating and outlook unchanged, in spite of some disappointing growth data since the March review.”
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