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Moody's drops SA's credit rating to junk

28 March 2020 8:42 AM
Tags:
SA Economy
Finance
Moody's
#Covid19
SA credit rating
The ratings agency cited weak growth and a decline in fiscal strength as its main reasons for the downgrade.

The downgrade is not unexpected - Moody's joined the other two major international ratings agencies by cutting South Africa's credit rating to sub-investment grade.

It downgraded the country one notch to BA-1 from BAA3 and maintained a negative outlook.

Government says the downgrade "could not have come at a worse time" as South Africa battles to contain the spread of Covid-19.

Finance Minister Tito Mboweni called on South Africans to work together more than ever to fix the economy.

Read more about the effects the downgrade will have here.


This article first appeared on CapeTalk : Moody's drops SA's credit rating to junk


28 March 2020 8:42 AM
Tags:
SA Economy
Finance
Moody's
#Covid19
SA credit rating

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