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Likelihood of South Africa downgrade to junk remote — S&P

Johannesburg, south Africa, Capital Markets in Africa — South Africa is unlikely to immediately face credit downgrades that will rank the country’s debt junk at two ratings companies, according to Standard & Poor’s. “Losing two investment-grade ratings, that could be very disruptive” for markets and capital flows … But that’s a very remote possibility”, Konrad Reuss, S&P’s sub-Saharan Africa Managing Director, said at the 13th Annual African Capital Markets Conference in Cape Town on Thursday November 26…

South Africa Reserve Bank hikes Repo Rate to curtail inflation and strengthen rand …

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Johannesburg, South Africa, Capital Markets in Africa — The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) unexpectedly raised the Repurchase Rate by 25 basis points to 6.25 percent, according to the press release issued on Thursday 19 November 2015 and signed by the SARB Governor Lesetja Kganyago. The MPC also lowered its inflation and growth forecasts for 2015, it also warned of the risk of price pressures spreading because of a weakening rand…

South African Reserve Bank Keeps Repurchase Rate at 6.00 percent

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Johannesburg, South Africa, Capital Markets — The South African Reserve Bank Monetary Policy Committee (MPC) has unanimously decided to keep the repurchase rate unchanged at 6.0 percent, according to statement released by the Lesetja Kganyago, Governor of the South African Reserve Bank. The statement stated that inflation outlook remains a concern for the Monetary Policy Committee, with the risks to the forecast assessed to be on the upside. Although two breaches of the target are…

South Africa’s growth curbed by energy shortages, lower commodity prices and global uncertainty

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JOHANNESBURG, South Africa, Capital Markets in Africa — Electricity shortages, low commodity prices, a severe drought and weaker than expected global growth will constrain South Africa’s economy over the next 18 months and are reflected in the government’s Baa2 rating, stable outlook, Moody’s Investors Service said in a report published September 02 2015. Uncertainty surrounding the Chinese economy and the broader global outlook, as well as the timing of any tightening of US monetary policy,…

South Africa’s rand weakens as rally for riskier assets pauses

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Johannesburg, South Africa (Capital Markets in Africa) – South Africa’s rand weakened more than one percent to the dollar on Tuesday, softening to a one week low of 12.2300 per greenback as a recent rally for riskier assets petered out. According to one trader, technical factors were also beginning to filter through with the 12.30 support level in sight, putting some strain on the dollar rand cross.

Moody’s assigns A1.za debt rating to Ekurhuleni’s (EMM06) ZAR900 million notes due 2025

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Johanessburg, South Africa (Capital Markets in Africa) — Moody’s Investors Service has today assigned a long-term debt rating of A1.za (South African national scale rating) to Ekurhuleni Metropolitan Municipality’s ZAR900 million senior unsecured amortising fixed-rate notes due 2025. These notes are issued under Ekurhuleni’s ZAR8 billion Domestic Medium Term Note programme rated A1.za and will be listed on the Johannesburg Stock Exchange. Proceeds from the notes will be used to finance the city’s infrastructure requirements….

Moody’s confirms African Bank’s Caa2 global scale deposit ratings; negative outlook

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Johannesburg, South Africa (capital Markets in Africa) — Moody’s Investors Service has today confirmed African Bank Limited’s Caa2 global scale long-term deposit and senior unsecured ratings, and the Caa2.za national scale issuer ratings. The global scale ratings continue to capture the implied losses of 10% that SARB’s restructuring plan will impose on both senior debt and wholesale deposits. Today’s rating action concludes the review for downgrade on African Bank’s ratings, initiated on 12 August 2014….

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