The government is living on borrowed time as two major ratings agencies warned that SA could be on track for further downgrades if it doesn't deliver on its promises to rein in debt.
Fitch Ratings , which already has SA two steps below investment grade, said on Friday that failure to come up with a credible plan to deal with debt and boost the economy “could lead to negative rating action”. Moody's Investors Service, which in March became the last of the major companies to move SA into junk, said the day before that “the speed at which the government recovers its revenue intake and is able to ultimately curb the debt trend will drive creditworthiness”.
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