Moody’s withdraws all ratings of SA’s Land Bank

Ratings agency Moody’s said on Tuesday it was withdrawing all ratings of South Africa’s cash-strapped state-owned Land and Agricultural Development Bank, citing “its own business reasons” for the move.

Moody’s did not elaborate on why it had taken the decision in the statement, but policy documents on its website say business reasons, often refers to Moody’s “business reasons, not the business reasons of the Rated Entity or obligor”.

“MIS’s (Moody’s) business reasons generally do not reflect any concerns about the Rated Entity’s creditworthiness or the quality of its management,” the policy reads.