Moody’s downgrades SA to junk

Moody’s Investors Service on Friday night downgraded SA to junk status.

The move was expected in the face of SA’s poor GDP growth performance and fragile fiscal position, even before the onset of the pandemic.

Moody’s dropped SA’s rating to Ba1, with the outlook remaining negative, bringing it in line with the subinvestment grade ratings from peer agencies, Fitch and S&P Global.

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