S&P downgrades South Africa to “junk” while Moody’s places South Africa on “review” to be downgraded

Downgrade

Another ratings agency has “downgraded” South Africa, this time it’s S&P Global, while another Global ratings giant, Moody’s has placed the country on “review” to be downgraded.

It is being thought that many ratings agencies will be looking closely into the hotly contested ANC elective conference in December as well as the annual budget speech set for February 2018.

Businesses will certainly be impacted negatively by the recent downgrades. Analysts claim that this could lead to large amounts of job losses, which will make the unemployment rates in South Africa even worse. The unemployment rate is currently at a 13yr high. ( https://www.timeslive.co.za/news/south-africa/2017-06-01-sas-unemployment-rate-hits-a-13-year-high/ )

 

Link:  https://www.fin24.com/Economy/sp-global-downgrades-sa-to-junk-20171124

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