Banking Association cites poor economic growth for Moody’s negative outlook
12 September 2017 - 13:25
The Banking Association of SA says the decision by Moody’s ratings agency to maintain its negative outlook for the banking industry was because of poor growth in the economic environment. Cas Coovadia‚ MD of the association‚ said: "The decision is based on our banks’ exposure to the country’s broader economic environment‚ where growth has been sluggish." Moody’s downgraded SA one notch to a "negative outlook" in June this year‚ while two other ratings agencies downgraded the country to junk status.
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