20°C / 22°C
  • Thu
  • 16°C
  • 4°C
  • Fri
  • 18°C
  • 8°C
  • Sat
  • 19°C
  • 9°C
  • Sun
  • 21°C
  • 10°C
  • Mon
  • 22°C
  • 11°C
  • Thu
  • 17°C
  • 13°C
  • Fri
  • 18°C
  • 13°C
  • Sat
  • 20°C
  • 13°C
  • Sun
  • 23°C
  • 15°C
  • Mon
  • 21°C
  • 14°C
  • Thu
  • 18°C
  • 6°C
  • Fri
  • 21°C
  • 9°C
  • Sat
  • 22°C
  • 11°C
  • Sun
  • 22°C
  • 11°C
  • Mon
  • 24°C
  • 12°C
  • Thu
  • 16°C
  • 1°C
  • Fri
  • 19°C
  • 4°C
  • Sat
  • 20°C
  • 6°C
  • Sun
  • 22°C
  • 8°C
  • Mon
  • 23°C
  • 8°C
  • Thu
  • 21°C
  • 12°C
  • Fri
  • 25°C
  • 16°C
  • Sat
  • 21°C
  • 16°C
  • Sun
  • 25°C
  • 16°C
  • Mon
  • 26°C
  • 19°C
  • Thu
  • 21°C
  • 12°C
  • Fri
  • 17°C
  • 12°C
  • Sat
  • 17°C
  • 11°C
  • Sun
  • 25°C
  • 15°C
  • Mon
  • 21°C
  • 15°C
  • Thu
  • 14°C
  • 11°C
  • Fri
  • 19°C
  • 12°C
  • Sat
  • 24°C
  • 11°C
  • Sun
  • 26°C
  • 13°C
  • Mon
  • 24°C
  • 11°C
  • Thu
  • 16°C
  • 12°C
  • Fri
  • 18°C
  • 12°C
  • Sat
  • 21°C
  • 11°C
  • Sun
  • 24°C
  • 14°C
  • Mon
  • 22°C
  • 12°C
  • Thu
  • 19°C
  • 5°C
  • Fri
  • 23°C
  • 8°C
  • Sat
  • 23°C
  • 9°C
  • Sun
  • 23°C
  • 10°C
  • Mon
  • 25°C
  • 11°C
  • Thu
  • 15°C
  • -2°C
  • Fri
  • 18°C
  • 1°C
  • Sat
  • 20°C
  • 4°C
  • Sun
  • 22°C
  • 6°C
  • Mon
  • 23°C
  • 6°C
  • Thu
  • 23°C
  • 6°C
  • Fri
  • 28°C
  • 8°C
  • Sat
  • 24°C
  • 9°C
  • Sun
  • 27°C
  • 10°C
  • Mon
  • 29°C
  • 10°C
  • Thu
  • 18°C
  • 12°C
  • Fri
  • 16°C
  • 11°C
  • Sat
  • 17°C
  • 10°C
  • Sun
  • 22°C
  • 14°C
  • Mon
  • 19°C
  • 13°C

Treasury notes Fitch downgrade, commits to work towards recovery

Fitch has downgraded South Africa's credit rating to BB from BB+, while also assigning a negative outlook.

Picture: Supplied.

JOHANNESBURG – The treasury said it noted Fitch’s decision to lower the country's long term foreign and local currency debt ratings further into junk status, but says it is committed to implementing structural economic reforms.

Fitch has downgraded South Africa's credit rating to BB from BB+, while also assigning a negative outlook.

The treasury said its working to address weak economic growth and ailing state-owned companies.

It's also noted the implementation of measures announced by President Cyril Ramaphosa to contain the coronavirus to help the battling economy.

The downgrade comes just a week after Moody's became the last major ratings agency to place the country into junk status.

It also cited concerns about growth and the effects of the virus.

The move by Fitch also came as the local currency plummeted through 19 rand to the dollar.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus