South Africa

Moody's and Fitch both lower SA's ratings further into junk

Moody's and Fitch both lower SA's ratings further into junk

SA was sunk deeper into junk status on Friday, receiving a double bill of ratings downgrades from both Moody’s Investors Service and Fitch Ratings.

Within a few minutes of the decisions, the rand moved from being 0.5% firmer on the day to 0.18% weaker at R15.4253/$.

Both agencies maintained their negative outlook, with Moody’s now placing SA at two notches into junk, and Fitch moving SA three notches below investment grade.

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