A downgrade to junk status by Moody’s Investor Services looms large over the local economy after the ratings agency cut SA’s outlook to negative in November 2019.

If there are no concrete structural and policy reforms to contain spending and borrowing and boost revenue, supported by a credible medium-term vision in finance minister Tito Mboweni’s budget speech, Moody’s next scheduled assessment on March 27 may herald the end of the country’s ratings reprieve.

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