South Africa: Moody's Investors Service Adjusts SA's Credit Rating Downwards

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.

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