Moody’s Upgrades S Africa, FX Controls Eased

Moody’s Investors Service, the US rating agency, has changed the rating outlook to positive from stable for South Africa’s Baa country ceiling for foreign currency debt. It has also changed its Ba1/NP ceilings for foreign currency deposits as well as the republic’s Baa1 domestic currency rating.

The move should boost the rand which recently stabilized around ZAR6.30/US$ after a sharp fall since the beginning of the year.

Analysts, however, are

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