Picture: JSE
Picture: JSE

The rand was back over R12 to the dollar on Monday morning as SA braced itself for what Reuters termed "the Moody’s blues".

Moody’s — the only one of the big three international credit ratings agencies to still rate rand-denominated government bonds above junk — is scheduled to release its decision on SA’s sovereign rating by Friday.

On November 24, Moody’s decided to hold SA’s local currency credit rating at Baa3 — one notch above junk — while changing its outlook from negative to "under review".

"Moody’s rarely spares those it puts on a downgrade warning. Only seven of the dozens of countries it has had on review over the last two years have been reprieved, its data shows. SA was one of those. None have been saved twice," Reuters reported on Friday.

The rand was trading at R12.01 to the dollar, R14.73 to the euro and R16.70 to the pound at 7am.

Sun International warned shareholders on March 9 that it expected to report on Monday that it a made a headline loss per share of up to R1.96 for the year to end-December from the previous year’s headline earnings per share (HEPS) of R3.82.

Problems listed by Sun International during 2017 included a "shooting incident at Monticello".

"Due to the continued underperformance of the Ocean Sun Casino in Panama, its operations have been scaled down while its VIP business has been closed. Sun Nao Casino in Colombia, which has continued to incur losses, was closed in December," the hotel and casino operator said in its business update.

Education group Advtech is scheduled to release its results for the year to end-December on Monday. Advtech has not issued a trading statement, as would be required if its earnings differed by more than 20%, but did say on December 1 it had uncovered fraud.

Advtech said about R5m had been stolen from its schools division via collusion between a supplier and a financial manager, of which R2m could be recovered.

The fraud would need restatement of its past results.

Construction companies Basil Read and Group Five may release results on Monday, as may Stellar Capital.