In May last year, S&P upgraded South Africa's outlook to positive. This indicated that its next move may have been an upgrade of the country's credit rating itself. The downgrade to"stable" is a setback, and follows the news of a much larger-than-expected contraction in South Africa's economy in the fourth quarter of last year.
S&P's rating of South African government's credit remains"junk”. A"junk" rating means there's a bigger chance that the government won’t be able to pay back its debts. In 2017, S&P cut South Africa’s rating from investment grade to junk, and in 2020 lowered its rating even further into junk territory, as it warned of a big fallout from Covid-19 on the economy and tax revenues.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
_Business I wonder why…🤔
_Business Re tsamaya le yena 🤡🤡🤡🤣🤣🤣
_Business Ba jwetse fotsheke
_Business Well done Cyril, whats next on your SA-gone-shitlist?CyrilRamaphosa
_Business What is unexpected about it?
_Business Nah can't be, we have the ANC running this shit show!
Bubza8 _Business Listen to this comment UNEXPECTEDLY DOWNGRADED,what is UNEXPECTEDLY here,what is good is made or being done by Ramaphosa administration,only one thing?
_Business Unexpected? Nope, not at all. Stable? Nothing is stable in SA. S&P is REALLY way to optimistic.
_Business What else can you expect
_Business How can you say this in unexpected?! Get your heads out of the sand.
_Business Same rating agencies rated toxic US mortgages triple A&plunged world economy into 2008 global financial crisis working in cahoots with vulture funds? Ask Argentina they know better, never touch IMF or World Bank money, it's poisonous. Soon vulture funds will descend on SA bonds.
_Business The things that made people jump under Zumer🤣
_Business voetsekANC
_Business CyrilRamaphosa GovernmentZA Well done, guys!
_Business And yet government seems not to care with weak plans and empty promises to fix SA. A sad reality of the state of affairs.
_Business Unexpectedly for who? 😂
_Business Better start buying bitcoin to escape the claws of the country. bitcoin gives you the opportunity to do that. Learn it, understand it and embrace it!
_Business No surprises for the downgrade!
_Business Nothing feels stable in this country.
_Business Not a surprise after a nonsense cabinet reshuffle and still no action to deal with corruption.