Many South African banks will be reporting their financial results in the coming days. As expected, COVID-19 has brought on a financial crunch for banks that were already downgraded in March, by Fitch Ratings. Mahin Dissanayake, Senior Director at Fitch Ratings joins CNBC Africa to give insight into the position that banks are in and the South African Reserve Bank’s response to COVID-19.
By: Elliot Smith KEY POINTS South Africa now has no investment-grade sovereign credit rating from any of the major ratings agencies for...
Moody’s will cut South Africa’s sovereign credit rating later on Friday as a recession deepened by the impact of coronavirus frustrates economic reform efforts aimed at reducing government debt, a Reuters poll of economists found.
The Land Bank's debt has become more expensive with Moody’s downgrading the bank to junk status. The credit ratings agency said this was due to the unlikeness of the South African government being able to support the Development Finance Institution in time of need. Joining CNBC Africa to discuss what this means is Sydney Soundy, Acting Chief Executive Officer of the Land Bank.
As global tensions are on the rise and a Moody’s credit rating downgrade looms on South Africa – Maarten Ackerman, Chief Economist and Advisory Partner at Citadel joins CNBC Africa for an investors’ guide to 2020.
Recent troubles at South Africa's electricity public utility Eskom have led to a revised outlook on the economy by Fitch ratings. For a discussion on the bank's reaction to the latest downgrade and if the country's monetary policy was ready for it, CNBC Africa's Arnold Kwizera caught up with South African Reserve Bank (SARB) Governor, Lesetja Kganyago for more.
Moody’s is the only rating agency that has not downgraded South Africa to sub-investment grade, will this change?
Under the circumstances, Cas Coovadia, Managing Director of the Banking Association of South Africa, was happy with the Budget Speech today. He told CNBC Africa’s Fifi Peters it was important to put conditions for the utilisation of funds for SEOs, and to make public the details of the Presidential Task Team’s recommendations and how Eskom will be broken up into three, and how the funding will be linked to that. He also gave his opinion of the Budget as a whole and a potential ratings downgrade.