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.
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