SA received short shrift from the three main ratings agencies last week. This should rattle the complacency that had begun to settle into the government following the finalisation of its economic recovery plan and the recent rebound in economic activity.

The swift move by Moody’s and Fitch to downgrade SA again after just six months, leaving the country’s foreign currency rating deep in junk territory, also came as a shock to markets. Most analysts had thought SA would be given more time to demonstrate progress with its fiscal and economic reform efforts in the wake of Covid-19...

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