Et tu Moody’s? Until recently, the biggest of the international ratings agencies has been kind to SA. Though its rivals, S&P Global Ratings and Fitch, have downgraded SA’s sovereign domestic and international debt to junk, or below investment grade, Moody’s has kept the faith, keeping us just above junk. It has shadowed the First National Bank slogan, "How can we help you?" It has been a vital provider of some degree of confidence in the country despite all of our evident political and economic policy weaknesses. It waited until the governing ANC’s elective December conference before issuing a rating in March. It kept SA on the lowest investment rating but reversed its former negative outlook to positive after Cyril Ramaphosa won the ANC leadership and subsequently replaced Jacob Zuma as head of state."The confirmation of SA’s ratings reflects Moody’s view that the previous weakening of SA’s institutions will gradually reverse under a more transparent and predictable policy framewor...

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