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Suddenly debt ratings agency Moody’s Investors Service is saying a lot about SA, but fortunately doing very little. It is the last of the big three ratings agencies still running us (our government bonds) at investment grade. We love Moody’s. A few weeks ago it took everyone by surprise by saying absolutely nothing when it was expected to release a ratings update. But instead, total silence. It followed that up with an expression of concern about the national debt and Eskom and then this week it appeared again, suggesting that it expects confidence to rise after the elections and that, in the words of senior credit officer Lucie Villa, despite our slow growth and fiscal erosion our credit profile would remain more or less in line with other countries like us, one notch above junk status. That’s just brilliant. But, I wonder, has Villa thought about what else might happen after the elections? There are bound to be coalition talks of some kind, unless the ANC sweeps the board again ex...

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