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
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.