A scheduled review of SA’s sovereign credit rating by Moody’s Investors Service became something of a damp squib after the ratings agency said only that it opted not to update its Ba2 rating on the country’s debt, leaving it firmly in junk territory.

The ratings agency was scheduled to release a review of SA's credit rating late on Friday but instead issued a brief statement saying only that the nation was among several debt issuers whose rating was not updated on May 7 as per its calendar. While Moody’s was not expected to change its rating on SA’s debt, analysts would have been keen to gain insight into its views on the government’s ability to rein in debt given that its outlook on the country’s credit rating is negative, an indication that its next ratings move could be a downgrade...

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