Downgrade in March more likely after Moody’s cuts SA growth forecast
Decision to lower growth projection to just 0.4% is negative for the ratings outlook, said PwC economist Christie Viljoen
The cut to SA’s growth forecast by Moody’s Investors Service in the wake of the coronavirus is intensifying the pressure on SA to hold on to its last investment-grade credit rating.
Moody’s, the last credit ratings agency to hold SA debt at investment grade, lowered its growth forecast for SA for the second time in less than a month on Friday. The move came as it made cuts across the Group of 20 (G20) countries due to the disease’s continued global spread.