ZAR ratings are on review today with Moody's...>

RAND: ZAR ratings are on review today with Moody's expected to announce after

the market close. Citi bank note, the expectation is for no downgrade and an

extension of the negative credit watch for a further 6 months in order to get

past the October medium term budget speech giving S.A time to implement economic

reform strategies, polls suggest around a 95% chance of no downgrade and

therefore it will come down to the wording and conditions set by Moody's for the

next stage of our rating..... although unlikely, given the reform already seen

since Ramaphosa has become president and the recent reduction of bond auctions

and debt levels there is a chance the negative credit watch could be removed

which should see the Rand strengthen around 25 to 30 cents and set the tone for

further gains.