Moody’s and Fitch both lower SA’s ratings further into junk

SA was sunk deeper into junk status on Friday, receiving a double bill of ratings downgrades from both Moody’s Investors Service and Fitch Ratings.

Within a few minutes of the decisions, the rand moved from being 0.5% firmer on the day to 0.18% weaker at R15.4253/$.

Both agencies maintained their negative outlook, with Moody’s now placing SA at two notches into junk, and Fitch moving SA three notches below investment grade.

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