This is one of the three major world-wide ratings agencies involved in rating bonds – both government and corporate. Generally, they will do an assessment of South Africa as an issuer of debt instruments every six months and adjust their rating accordingly. In April 2017, following the replacement of Pravin Gordhan with Malusi Gigaba as Minister of Finance, all three ratings agencies downgraded South Africa. Moodys was the least negative and retained our currency rating at investment grade. The other two (Standard and Poors and Fitch) downgraded us to junk.

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