Moody's drops SA's credit rating to junk
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.
Moody's has cut SA's credit rating to sub-investment grade. Min @tito_mboweni calls on South Africans to stand and work together now more than ever to fix the economy. South Africa is a phoenix. "In order to rise from its own ashes, a phoenix first must burn," – Octavia Butler. pic.twitter.com/xfElErlD7C— National Treasury (@TreasuryRSA) March 27, 2020
We shall overcome!— Tito Mboweni (@tito_mboweni) March 27, 2020
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
The University of Pretoria's Centre for Entrepreneurship has launched a free National Support Portal for SMMEs.Read More
The Yoco Small Business Recovery Monitor is a live, publicly available, small business transaction data resource.Read More
Domestic workers and gardeners are allowed back at work this week, as lockdown restrictions relax under Level 3.Read More
Level 3 of lockdown started this week and business is picking up.Read More
National and business leaders have had to make some difficult decisions and will be expected to make many more as the crisis continues.Read More
The Purchasing Managers' Index remains dismal, stuck, depressed - suggesting subdued activity.Read More
As expected, the total lockdown that was in force resulted in almost zero vehicle sales.Read More
Covid-19 and the lockdown is a highly complex situation that will require new thinking that evolves over time.Read More
JB Media and Yooh Media have taken up the task of helping small businesses with advertising on their digital billboards.Read More
Transport Minister Fikile Mbalula outlined the relaxation of transport regulations under Level 3 of the national lockdown during a media briefing on Saturday.Read More
The Sex Workers Education and Advocacy Taskforce says it wants clarity around the events leading up to the sex worker's death.Read More
The High Court has suspended the declaration for a period of 14 days and directed the Minister of Cooperative Governance and Traditional Affairs, in consultation with the relevant ministers to review, amend and republish the regulations.Read More
The packs will be distributed to children from low-income families in the Johannesburg inner-city.Read More
Pretty Nkambule, Yvonne Mnisi and Solomon Nyarende died in 2016 while trapped underground.Read More
EWN reporter Nkosikhona Duma says the matter is under investigation and there is no clarity on how the equipment disappeared.Read More
MMC for Public Safety Mally Mokoena says they are working with 33% of staff for drivers license renewal and car registration.Read More
In 2016 court papers were filed seeking a final order compelling SARB to grant access to apartheid-era records of financial fraud.Read More
Elements Global Solutions employment director Sherisa Rajah shares some of what the new regulations prescribe.Read More
Domestic air travel for anything other than leisure and tourism is legal again under Level 3 rules.Read More
Business Day specialist reporter Karyn Maughan says FITA is determined to have the matter heard on 9 and 10 June.Read More