SA dodges Moody’s downgrade bullet


South Africa dodged a ratings downgrade bullet on Friday when credit ratings agency Moody's chose not to release a ratings review as expected.

The agency said that it will instead release a credit opinion on Tuesday, evaluating the country's economy.

Moody's said the decision was taken as the country had not experienced any major events which would warrant a review.

President Jacob Zuma's survival in the no confidence vote on Tuesday can thus be seen be seen in a positive light by some.

The rating's agency is the only one that assess South Africa's foreign-currency and rand-denominated debt at investment grade.

Moody's decision not to release a ratings review comes a short two months after it cut the country's credit rating to one notch above junk status.

A review of the country's ratings by Moody's, as well as Standard & Poor is expected on November 24.