JOHANNESBURG - The South African rand and government bonds surged on Monday after ratings agency Moody’s kept the country’s last investment-grade credit rating intact to the relief of investors, but many were sceptical how long the rally would last.
Late on Friday, Moody’s kept South Africa’s sovereign debt at Baa3, the lowest rung of investment grade, but revised the outlook to “negative,” citing a deterioration in the economic growth outlook and rising debt. A negative outlook usually means there is a window of 12-18 months in which a downgrade could be delivered, but Moody’s said a credible budget statement in February would be crucial to maintain the current rating.
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