BUSISIWE MAVUSO: We remain deep in junk territory and it’s costing us dearly
28 November 2022 - 05:00
During Nelson Mandela’s presidency, ratings on our sovereign debt climbed out of the subinvestment grade he inherited, and further upgrades followed in the Thabo Mbeki era, supported by regular annual GDP growth of more than 3%. Then came the Zuma years.
SA was hit with the first set of downgrades in September 2012. All three of the major agencies — S&P Global Ratings, Fitch and Moody’s — cut their ratings on both our foreign currency and our local foreign currency debt, though we remained investment graded...
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