NEW YORK, Sept 27 (Reuters) – Moody’s Investors Service on
Thursday cut South Africa’s government bond rating by one notch
to Baa1 from A3, citing worries about the country’s institutions
as well as future political stability.
The main driver of the downgrade “is Moody’s lowered
assessment of institutional strength to ‘moderate’ from ‘high,’
an important factor in the rating agency’s judgment of a
sovereign’s economic resiliency,” the rating agency said in a
statement.
The outlook remains negative.
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