Moody’s dropped SA’s rating to Ba1, with the outlook remaining negative, bringing it in line with peer agencies Fitch and S&P Global
Moody’s Investors Service flipped the switch late on Friday night, downgrading SA to junk status, coinciding with the country’s first full day of a three-week lockdown aimed at slowing the spread of the coronavirus.
The move was expected in the face of SA’s poor GDP growth performance and fragile fiscal position, even before the onset of the pandemic.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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