If there is one thing credit ratings agency Moody’s Investors Service made clear in its report on Friday night, it was that SA does not have much time to do the things necessary to avoid a downgrade.

While it is usual that after revising the ratings outlook Moody’s allows a country some time — usually 12 to 18 months — before it actually cuts, Friday’s statement repeatedly states that the agency needs to see a change in direction of SA’s finances in the February budget...

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