JOHANNESBURG – Ratings agency Fitch has downgraded South Africa’s credit rating to BB from BB+, sending it further into “junk” territory while also assigning a negative outlook.
Fitch has on Friday cited “the lack of a clear path towards government debt stabilisation as well as the expected impact of the COVID-19 shock on public finances and growth”.
This comes after Moody’s put the country in junks status a week ago.