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Neither the proposed economic recovery plan nor the medium term budget policy statement did much to instil confidence that SA is on a path to economic recovery.

That certainly appears to be the sentiment of the ratings agencies, which responded by pushing SA’s sovereign credit rating deeper into junk territory. Fitch cut the country’s foreign and local currency rating to BB-, three levels below investment grade with a negative outlook, while Moody’s took its rating to Ba2, two levels below investment grade. SA now faces higher borrowing costs, making economic recovery even more challenging...

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