Two of SA’s biggest metros, Tshwane and Ekurhuleni, have been pushed further into junk status by ratings agency Moody’s Investors Service, as Covid-19 worsened their already weak financial positions due to governance challenges.

Moody’s downgraded the two Gauteng metros on Wednesday. The province contributes more than a third of the country’s GDP. While the country’s economic situation was precarious before the Covid-19 lockdown, it worsened over the past few months and has specifically affected revenue collection in municipalities.

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