HILARY JOFFE: S&P downgrade adds to SA’s woes and will hit investment
The credit ratings agency has ended a stretch of relative ratings stability for SA
10 March 2023 - 05:00
Ratings agency S&P Global unexpectedly upgraded its outlook on SA’s credit rating from stable to positive in May 2022. Now it has unexpectedly downgraded the outlook back to stable again.
S&P’s timing late on Wednesday night was a surprise given that the agency was scheduled to update its rating only in May. But the direction of the change was not. The other ratings agencies could follow S&P’s lead by using the outlook to sound warning signals in coming months, even if they do not cut the rating itself...
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