Is a downgrade to junk inevitable for SA?
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Moody's has revised South Africa's outlook to negative from stable while affirming the country's rating level at Baa3. The move cheered the market with an initial rally in the rand but looking at the detail of the Moody's report it shows that a lot of work lies ahead for South Africa if it is going to avoide a downgrade. Business Day TV spoke to Jones Gondo from Nedbank CIB for more detail.