Moody's to pronounce on SA's credit rating
On Wednesday, the rand weakened by as much as 3.3% against the dollar after Finance Minister Tito Mboweni raised fears of a ratings downgrade, with Moody’s set to pronounce its investment-grade rating this weekend.
Associate editor at Scorpio - The Daily Maverick Investigative Unit - Sikonathi Mantshantsha explains what it means if South Africa is downgraded to junk status.
Junk status means you are actually not trusted to repay all your debts and obligations... We have been on the edge for at least five years.Sikonathi Mantshantsha, Associate editor - Scorpio - The Daily Maverick Investigative Unit
When it does happen it would mean that many European and American fund managers will have to take their money elsewhere.... that would mean we lose immediately about R150bn outflows. That is money that will be pulled out of our economy; give it a week.Sikonathi Mantshantsha, Associate editor - Scorpio - The Daily Maverick Investigative Unit
Mantshantsha says South Africa needs to get on with it and carry out its commitments.
[President] Cyril Ramaphosa did miss his calling, he should have just been an events organiser.Sikonathi Mantshantsha, Associate editor - Scorpio - The Daily Maverick Investigative Unit
What we need to do is get on with it, do what we promised to do. We said we will kill this thing called South African Airways, we have not done so. We said we would arrest the thieves and fraudsters, they are still walking around laughing at us....Sikonathi Mantshantsha, Associate editor - Scorpio - The Daily Maverick Investigative Unit
Click on the link below to hear the full conversation....
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