S&P sends SA another rung down the junk ladder on coronavirus fears
The ratings company said it expects the economy to shrink by 4.5% in 2020
30 April 2020 - 00:15
UPDATED 30 April 2020 - 12:39
S&P Global Ratings downgraded SA further into junk status, citing the effect of the Covid-19 pandemic on the economy and heightened concerns about the long-term sustainability of the country's debt.
In an unscheduled move, S&P lowered the country’s long-term and local-currency rating to BB, two rungs below investment grade, it said late on Wednesday.
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