Johannesburg - Government must bar credit ratings agency Moody's from setting foot in South Africa, the ANC Youth League (ANCYL) said on Wednesday.

The league was addressing the media in Irene, Tshwane and the youth wing hit out at Moody’s over a penalty it recently incurred.

Earlier this month, Moody’s agreed to pay almost $864m to resolve a US investigation into credit ratings on subprime mortgage securities.