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Moody's cuts South Africa's credit ratings to junk
Moody's cuts South Africa's credit ratings to junk
World BusinessMar 28, 2020
Moody's has downgraded South Africa's credit rating to junk status, piling more anguish on an economy already in recession and battered by Africa's worst coronavirus outbreak. Two other major international rating agencies Fitch and S&P had cut the credit rating of Africa's most developed economy to subinvestment level in 2017. Losing its last investment grade rating will see the country being excluded from the FTSE World Government Bond Index. The downgrade late Friday came as South Afric