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Moody’s, S&P Unlikely to Make Material Changes to Ratings After-Market Today

SOUTH AFRICA
  • Both Moody’s and S&P are to issue updates on the South African sovereign rating after-market today, but neither ratings agency are expected to make material changes to their view, with ratings agencies seen waiting for major Eskom plan updates in February, the conclusion of the ANC elective conference in December and other outstanding SOE questions that weren’t addressed in Godongwana’s MTBPS last month.
  • Overnight, Eskom up-rated load-shedding to stage 4, with 17,000MW of capacity knocked offline due to breakdowns, low pumped storage dam levels and a lack of diesel. Stage 4 – 4,000MW of cuts - was implemented at around 4am and is effective until further notice.
  • The government have rejected demands for any increase to their 7.5% wage increase offer for civil servants, with the move already costing the government R31bln. This raises further the risk of industrial action from the Cosatu, Saftu and Fedusa unions next week.
  • BankservAfrica’s real-time transactions economic indicator shows transactions dropping to the lowest level in 10 months for October, with the release noting strikes across Transnet hobbling exports and pointing toward a weak Q4.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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