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Moody`s upgrades SA`s ratings
Concluding a rating review that began in October
and reflecting the substantial strengthening of
the country`s foreign reserves position, international
ratings agency Moody`s Investors Service has upgraded
SA`s country ceilings for foreign currency debt
and bank deposits to Baa1 from Baa2, reports I-Net
Bridge. The outlook is stable. Accordingly, the
ratings of SA`s foreign currency-denominated bonds
and notes have also been raised to Baa1 from Baa2,
with a stable outlook. The government`s A2 domestic
currency debt rating was affirmed, also with a stable
outlook. Moody`s said that the upgrades are based
largely on substantial improvements in official
external liquidity, since foreign debt levels were
already moderate and broadly consistent with higher-rated
nations. The rating agency also pointed to several
other factors that supported the upgrades, among
them the faster growth now underway and heightened
investor optimism about the country`s future prospects.
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