JOHANNESBURG – Rating agencies, prominent among which is Fitch, Moody’s and S&P Global Ratings, have, like the European Securities and Markets Authorities, elaborate transparency systems through which they attract the trust of those who participate in their system.
Among these are upfront agreements on what the reporting will consist of, calendar, frequencies, deadlines, governance and methodologies used in the reporting.
The public discourse in South Africa regarding rating agencies reached its zenith when the then-minister of finance, Nhlanhla Nene, was fired and had a 96-hour replacement over the weekend in the name of Minister Des van Rooyen.
Treasury director-general at the time Lungisa Fuzile clarified the matter to society that South Africa chose to be subjected to evaluation by rating agencies and as and when it found this unnecessary it was equally free not to. That silenced the irrational noise around rating agencies and the notion of picking up of the rand when it falls....
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