S&P Global affirms SA’s rating and outlook as it notes that citizens are getting poorer
April’s unscheduled downgrade was precipitated by the effect of the Covid-19 crisis on the economy and SA’s worsening fiscal profile
S&P Global affirmed SA’s rating on Friday, maintaining a stable outlook that came with the country's most recent downgrade.
The decision, at its scheduled review, follows the move in April to send SA deeper into junk territory, when it cut the country’s foreign and local currency credit ratings to BB- and BB respectively. April’s downgrade was a deviation from S&P's regulated calendar and was was precipitated by the effect of the Covid-19 crisis on the economy and SA’s worsening fiscal profile.