S&P Global’s decision to downgrade South Africa further into junk status, following concerns of what Covid-19 would do it the country’s growth and debt profile as been met with disappointment from government. National Treasury said it not happy that the downgrade has come when South Africa is facing one of its most challenging times. Ravi Bhatia, Director Sovereign & IPF Ratings at S&P Global Ratings joins CNBC Africa for more.
Last Friday Moody’s, the last rating agency to rate South Africa investment grade, cut South Africa’s sovereign credit rating to junk in line with economists’ forecast. Today Fitch further downgraded the country sending the rand plunging over 19 rand to the dollar. Below it gives its reasons...
By: Elliot Smith KEY POINTS South Africa now has no investment-grade sovereign credit rating...
Covid-19 and South Africa's downgrade to junk will truly test South African financial markets.
Moody's is the last of the big three ratings agencies to have South Africa in investment grade.
Moody’s is the only rating agency that has not downgraded South Africa to sub-investment grade, will this change?