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This is one of the three major world-wide ratings agencies involved in rating bonds - both government and corporate. Generally, they will do an assessment of South Africa as an issuer of debt instruments every six months and adjust their rating accordingly. All three ratings agencies downgraded South Africa to below investment grade in 2017. In November 2023 Moodys was the least negative and was rating this country at Baa2 with a stable outlook. The other two major ratings agencies (Standard and Poors and Fitch) had less favourable ratings.

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