Fitch Ratings became the second agency in less than 24 hours to say the government’s plans to bring debt and borrowing under control, outlined in finance minister Tito Mboweni’s bleak supplementary budget, are unlikely to be achieved. It warned that a further downgrade could be in store.

The agency — which downgraded SA deeper into junk territory in April — said in a statement on Friday that SA’s intention to stabilise debt levels within four years “is unlikely to be achieved”, citing a weak economy, pressure to fund failing state-owned enterprises (SOEs), and political opposition to structural reforms.

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