Moody’s Investors Service surprised the market early on Saturday morning when it decided not to release a report on SA’s sovereign credit rating.
Although the credit rating agency was scheduled to make an announcement, it can delay releasing a report, and then make a move on an unspecified date, as it did in October 2018.
Analysts were divided on what action Moody’s would take. Half the participants in a Bloomberg survey expected it to maintain a stable outlook on its local and foreign currency debt, with the remainder predicting a reduction to negative. Those who did not foresee a change say Moody’s may adopt a wait-and-see approach until after the May 8 general election.
“What it also shows, however, is that the fact Moody’s will have been shown some kind of plan on their trip [to SA] in recent weeks and in their discussions with the government have been held in their status quo — so hats off to National Treasury.”
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