Double blow as Moody’s and Fitch both lower SA’s ratings further into junk
The country has been pushed further into sub-investment grade.
Moody's has downgraded the country's credit rating one notch to BA2 and maintained a negative outlook.
Fitch has downgraded South Africa's credit rating from BB to BB- and with a negative outlook.
The two agencies have cited rising government debt, coupled with weak growth, the economic shock of the Covid-19 pandemic, and SAs weak fiscal position.
Analysts say the downgrading could see South Africa's borrowing costs increase.
Meanwhile, the third global ratings agency S&P Global has decided to keep its ratings unchanged at BB- for its foreign currency rating and BB for its local currency, both with a stable outlook.
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