Fitch downgrades SA further into junk in another blow for local markets
Rand crashes through R19/$ and is down more than 18% in the past month
03 April 2020 - 18:57
SA was dealt another blow late on Friday when Fitch Ratings downgraded the country further into junk, just a week after Moody’s Investors Service stripped it of its last remaining investment grade. The rand extended its losses, crashing through R19/$.
Fitch said it had cut SA one notch to BB from BB+ because the country lacked a “clear path towards” stabilising its debt position, a situation that would be worsened by the effect of the Covid-19 shock on economic growth and public finances...
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