Moody's cuts South Africa's government bond rating to Baa1
NEW YORK, Sept 27
NEW YORK, Sept 27 (Reuters) - Moody's Investors Service on Thursday cut South Africa's government bond rating by one notch to Baa1 from A3, citing worries about the country's institutions as well as future political stability.
The main driver of the downgrade "is Moody's lowered assessment of institutional strength to 'moderate' from 'high,' an important factor in the rating agency's judgment of a sovereign's economic resiliency," the rating agency said in a statement.
The outlook remains negative.
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