The downgrade of South Africa's government bond rating by one notch to Baa1 from A3 by Moody's Investors Service is premature, according to Melanie Brown, CEO at Global Credit Ratings (GCR). "While we disagree with the move by Moody's, it does not come as a complete surprise. Of the three international rating agencies, Moody's rating was a notch higher."
This latest move means that Moody's, Standard & Poor's and Fitch all currently have a credit rating of BBB+ on South Africa with a negative rating outlook, meaning the next move would be a downgrade to BBB.
...
AllAfrica Subscription Content
You must be an allAfrica.com subscriber for full access to certain content.
You have selected an article from the AllAfrica archive, which requires a subscription. You can subscribe by visiting our subscription page. Or for more information about becoming a subscriber, you can read our subscription and contribution overview.
For information about our premium subscription services:
You can also freely access - without a subscription - hundreds of today's top Africa stories and thousands of recent news articles from our home page »
Already a subscriber? Sign in for full access to article