Moody's left its rating of South Africa's debt at Baa2, two levels above sub-investment grade, citing risks to implementation of structural and fiscal reforms. "Today's employment figures are very grim, but tell us little that we didn't already know about South Africa's troubled labour market. Moody's late on Friday left its rating unchanged, giving the rand currency a lift on Monday morning in reaction. Earlier Gordhan warned against complacency after Moody's appeared to give Africa's most industrialised economy some breathing space. The rand dropped sharply on the news and was down more than 2 percent against the dollar late in the afternoon.

Source: Standard Digital May 10, 2016 02:33 UTC