SA now on first rung of junk status – Fitch

The seemingly never-ending government bailouts to bankrupt Eskom have not only vexed taxed-to-the-max South Africans but also credit rating agency Fitch Ratings. Moody’s will have to follow suit not to lose face. The rating agency, which followed S&P Global Ratings in placing South Africa’s creditworthiness to sub-investment grade (commonly known as junk status) in 2017, has taken another dim view of the country’s deteriorating fiscal and economic performance. It has downgraded its outlook from stable to negative.  Fitch cited two reasons for its bearish decision; the increased support for struggling…

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