The ratings company said it expected the economy to shrink by 4.5% in 2020
S&P Global Ratings downgraded SA further into junk status, citing the impact of the Covid-19 pandemic on the economy and heightened concerns about the long-term sustainability of the country's debt.
S&P said on Wednesday it had lowered the country’s long-term and local-currency rating to BB, two rungs below investment grade, it said late on Wednesday. It changed the outlook from negative to stable because SA’s strengths, a credible central bank, a flexible currency, and deep capital markets, would facilitate a “gradual, albeit painful, external and fiscal adjustment”, it said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BREAKING NEWS: SA's confirmed Covid-19 cases rocket to 5 350, 10 more deathsSouth Africa ow has 5 3350 confirmed Covid-19 cases and 103 deaths as a result of the coronavirus which has infected more than 3 million people globally, Health Minister Dr Zweli Mkhize announced on Wednesday night.
Read more »
BREAKING NEWS: Edcon enters business rescueThe embattled retailer says that the Covid-19 lockdown resulted in R2bn in lost sales
Read more »
BREAKING NEWS: SA's Covid-19 cases now at 4 996, 93 deaths recorded since start of outbreakSouth Africa now has 4 996 confirmed Covid-19 cases and 93 deaths related to the coronavirus, Health Minister Zweli Mkhize confirmed on Tuesday. This is an increase of 203 on Monday's 4 793 confirmed cases.
Read more »
LIVE | 10 000 UIF applications unprocessed over glitchesStay up to date with the latest news, views and analysis as the number of coronavirus cases in SA increases.
Read more »
This wealth tax on the 1% richest in SA would net the coronavirus fight R143bnThe consequences of the Covid-19 lockdown are yet to be fully determined and understood. But one thing we can be fairly certain of – in South Africa its impact will be shaped by the country’s inequalities.
Read more »
South African hospitals brace for coronavirus surgeStaff at Johannesburg's Charlotte Maxeke hospital were swamped last month when hundreds of panicked locals rushed in for testing after SA reported its first coronavirus case.
Read more »