The Portfolio Committee on Economic Development will tomorrow (18 November) receive a briefing from Moody’s Investors Service on their credit rating system, Sovereign Credit Ratings and Bank Credit Ratings.
Earlier this month, Moody's released a report which downgraded by one notch to Baa2 from Baa1 the long-term deposit and senior debt ratings of the five largest South African banks. In September 2012, Moody’s cut South Africa’s sovereign rating one level to Baa1, making this the third-lowest investment grade, with a negative outlook since November 2011.
Committee Chairperson Ms Mmathulare Coleman, says this meeting would afford Committee members an opportunity to understand the reasons why South Africa was downgraded and also enable Committee members to determine what kinds of interventions and support would be necessary to improve the country’s ratings.
Details of the meeting are as follows:
Venue: Committee Room V454, Fourth Floor, Old Assembly Building
Time: 08h30
Date: 18 November 2014
Enquiries:
Temba Gubula
Cell: 078 735 8809
Tel: 021 403 8307
E-mail: tgubula@parliament.gov.za
