Moody’s Investors Service has surprised the markets after deciding not to release a report on South Africa’s credit rating.
The credit rating agency was scheduled to make an announcement on Friday night.
Some economists say it will delay releasing a report, and then make a move on an unspecified date, as it did in November last year.
The agency has the country’s credit rating at B-double-three with a stable outlook, which is investment grade. Fitch and Standard and Poor’s both downgraded South Africa to sub-investment grade or the so-called junk status in 2015.
Economist Iraj Abedian explains what Moody’s is monitoring in South Africa: “After the elections have come and gone, after the president is sworn in, the new cabinet is in place and the turnaround in terms of economic policy – in terms of the type of government interventions – policy changes are all outlined in terms of which are based on facts of policy, facts of who are the ministers in charge, the rating agency can then make a determination and I guess that in my view would June/July after the election.”
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