SA’s state-owned enterprises (SOEs) are coming under tremendous pressure to extricate themselves from their financial woes. Any kind of bankruptcy event cannot be the answer because of the obvious cross-default impact such a declaration will have on debt and other instruments in the capital markets. It will also be catastrophic for the government’s standing and credit rating.

Rival ratings agencies agree on one thing: President Cyril Ramaphosa has the ability to turn the SA economy around, and with that the financial woes of the SOEs. So how does the government intend to restore the SOEs to health?..

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