JOHANNESBURG – It’s official. South Africa has been junked.
The global Coronavirus outbreak wasn’t enough to stop Moody’s ratings agency from cutting the country’s sovereign credit rating to sub-investment grade.
The long-term foreign-currency and local-currency ratings have been lowered from Baa3 to Ba1.
Moody’s cites a continuing deterioration in fiscal strength and structurally very weak growth as their reason for the downgrade.
All three major ratings agencies have now moved South Africa to junk status.
Source
eNCA