South Africa: Moody’s applauds R35m bank fine
15 Aug 2016

Moody’s says the move by the South African Reserve Bank to fine five banks R35 million for not complying with the law is credit positive for SA’s rating status.

SA is currently rated two notes above junk by Moody’s and one notch above non investment grade by S&P and Fitch. S&P and Fitch have indicated they will review SA’s rating in December after the country narrowly avoided being downgraded to junk a few months ago.

Moody’s says in a statement issued on Monday that SARB’s actions are credit positive for South Africa “because implementing measures to prevent money laundering will improve transparency and accountability in the financial sector”.

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