HILARY JOFFE: S&P downgrade adds to SA’s woes and will hit investment

Ratings agency S&P Global unexpectedly upgraded its outlook on SA’s credit rating from stable to positive in May 2022. Now it has unexpectedly downgraded the outlook back to stable again.

S&P’s timing late on Wednesday night was a surprise given that the agency was scheduled to update its rating only in May. But the direction of the change was not. The other ratings agencies could follow S&P’s lead by using the outlook to sound warning signals in coming months, even if they do not cut the rating itself...

Unemployment and cost of living will keep rising , with social disintegration and upheaval rising to levels of revolution and destruction not foreseen before.

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