Moody's Investors Service today confirmed South Africa's Baa2 long-term government bond and issuer ratings as well as its (P)Baa2/(P)P-2 shelf and MTN program ratings, and assigned a negative outlook. The rating actions conclude a review for downgrade that commenced on March 8, 2016.

Thousands of shoppers queued on Thursday at the opening of one of the largest malls in South Africa, set in middle-class suburbia between Johannesburg and Pretoria.

Moody's Investors Service has today placed the Baa2 bond and issuer ratings of the government of South Africa on review for downgrade. Also placed on review for downgrade were South Africa's (P)Baa2/(P)P-2 shelf and MTN program ratings.

South Africa's central bank raised its benchmark repurchase rate by another 50 basis points to 6.75 percent on a further deterioration of the outlook for inflation but said it was "sensitive" to the possible negative impact of its actions on growth and that "future moves will be highly data dependent."