Moody’s Investors Service downgraded its outlook for the local banking system for the first time in 2020, saying the sharp deterioration in the economy because of the coronavirus outbreak will lead to a rise in bad loans as customers struggle to stay afloat.

The ratings company, which moved the country’s big banks into junk status on March 31 to put them in line with the government's rating, said it expected problem loans for SA’s big banks to exceed levels reached during the financial crisis of 2008/2009...

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