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Moody's places South Africa's Eskom on review for downgrade
April 5, 2017 / 4:34 PM / 6 months ago

Moody's places South Africa's Eskom on review for downgrade

JOHANNESBURG, April 5 (Reuters) - Ratings firm Moody’s said on Wednesday it was placing South Africa’s state power firm Eskom’s credit rating on review for a downgrade, citing the risk of the country’s institutional, economic and fiscal strength deteriorating after President Jacob Zuma dismissed a respected finance minister last week.

On Monday, S&P cut South Africa’s credit level to junk status over growing concerns of political and policy instability following Zuma’s midnight cabinet reshuffle last Thursday.

Reporting by Mfuneko Toyana; Editing James Macharia

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