S&P deals a blow to SA’s hope of ratings relief
Outlook change signals long slog ahead to win back investment-grade status
09 March 2023 - 08:18
UPDATED 10 March 2023 - 13:09
S&P Global unexpectedly downgraded SA’s credit outlook from positive to stable on Thursday, dealing a blow to the country’s hopes of digging itself out of its junk status hole as infrastructure and deepening power outages weigh on the economy.
The agency, which rates SA debt at BB-, or three rungs below investment grade, cited the slow pace of much-needed reforms being implemented to improve governance at state-owned enterprises (SOEs)...
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