Moody's rates South Africa two notches above sub-investment grade with a negative outlook, and will be making up its mind about the country over the next four weeks.
Moody’s South Africa representative Sylvia Chahonyo says that on closer inspection, South Africa is doing well in a number of areas and when looking at a sovereign rating, this needs to be taken into account.
Its counterparts Fitch and Standard & Poor’s Global have their rating one notch just above junk status.
The three agencies have warned that increased political infighting and slower growth is a concern.
The rand has strengthened after charges were dropped against Finance Minister Pravin Gordhan and two others.
