S&P downgrades South Africa’s outlook on Eskom disaster
Wednesday downgraded its outlook on South Africa to “stable” from “positive”, citing infrastructure constraints and the severe power crisis.
The rating agency said economic growth in South Africa was facing increasing pressure due to infrastructure constraints, particularly from severe electricity shortages.affirmed South Africa’s “BB-/B” foreign currency sovereign credit ratings but warned that it could lower them if the government’s ongoing reforms to address the power crisis do not progress as planned.
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