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The rand was weaker at midday on Tuesday amid speculation that ratings agency Moody’s would soon downgrade SA one notch with a negative watch. Moody’s is the only one of the three big ratings agencies that has not yet announced its outlook. S&P Global Ratings and Fitch downgraded SA to junk status in the first week of April. Moody’s has not said when it will make its announcement‚ with Finance Minister Malusi Gigaba engaging with the ratings agency since April. Nomura analyst Peter Attard Montalto said the speculation was that Moody’s may downgrade in coming weeks without a visit to SA.

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