Moody\u2019s Investors Service is reviewing the nation\u2019s assessment later this month after cutting the debt one level in June, following downgrades by S&P Global ratings and Fitch Ratings in April last year.<\/p>\n
On Sunday (11 March) it was reported<\/a> <\/strong>that newly-appointed finance minister Nhlanhla Nene, may have had a hand in stopping the downgrade after he\u00a0used his political influence\u00a0to force the ANC to drop a scheduled motion on the nationalisation of the South African Reserve Bank at the final hour.<\/p>\n Nene is said to have told the party\u2019s political strategy committee on Tuesday morning that the debate must not go ahead because it might unsettle the markets at a time when Moody\u2019s ratings agency was in the country, and lead to another downgrade.<\/p>\n \u00a0\u201cNhlanhla told us the timing was not good because Moody\u2019s is in the country,\u201d said an MP who attended the meeting.<\/p>\n \u201cHe also advised that caucus should first conduct an assessment of the best international practices on the ownership of central banks so that the motion is better informed, to avoid sending a wrong message to the money market,\u201d the MP added.<\/p>\n
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