Major Agency Cuts South Africa's Credit Rating

Moody's Investors Service has made a surprise decision to downgrade South Africa's government bond rating by one notch, citing inter alia "a decline in the government's institutional strength amidst increased socio-economic stresses..." The country's National Treasury responded that all of Moody's reasons for the downgrade "are... being addressed through various government programmes."

South Africa's Minister of Finance, Pravin Gordhan, right, in Parliament.

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