The ratings agency S&P Global, which has legitimately downgraded the country to junk status, since 2017, has warned the ANC regime, saying the path of recovery is not reachable with the clap of fingers. The agency also points out that the possibility of another downgrade in two weeks is not ruled out because of the..
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S&P Global, which downgraded SA to junk status, warns ANC government that it will not be easy to restore land
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Pull the generator closer and get those candles ready, Eskom #rollingblackouts will be with us shortly
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Eskom expressed its disappointment over the decision of the rating agency Moody’s that further downgraded the bankrupt entity of the state. The Moody’s Investment Service downgraded Eskom from a B2 to a B3, which means the entity has no confidence in consumers or the rating agency. With the downgrade, Eskom is brought into line with..
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SA has a national debt of R3 trillion rand and tax deficit of R53 million
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Following the disappointing mid-term budget speech by Tito Mboweni, the Rand reached its lowest level in weeks. Eskom’s rescue plan has nowhere really figured in either Pravin Gordan’s submission or Mboweni’s budget reason. The government’s financial situation is rapidly deteriorating with the national debt of R3 trillion and a tax deficit of R53 billion. Moody’s..
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What could happen to the rand if Moody’s downgrades South Africa to sub-investment grade
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South Africa is preparing itself for the possibility that Moody’s may downgrade the country’s sovereign credit rating to sub-investment grade. Moody’s is currently the only major ratings agency that has South Africa at investment grade – one notch above junk – with a stable outlook. The country has been rated below investment grade since 2017..
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SA’s fiscal position – Great possibility that economy will be downgraded to junk status
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Tito Mboweni is expected to paint a gloomy picture of the country’s fiscal position later this month. The agency Moody’s has had a fairly stable rating so far, but economists warn that the view may change to negative. Moody’s has already made “negative” comments at its quarterly conference last week. The chance that SA will..
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The Rand remains on a rollercoaster of volatility -the currency continued to weaken due to the heightened global growth risks after talk of financial bailout for Eskom
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Last week’s poor global data is indicative of a worldwide economic rough patch. Talk of another massive financial bailout for Eskom has put South Africa on thin ice with Moody’s. The country is said to be fighting a losing battle to keep its last remaining investment grade credit rating. Foreigners have already begun dumping R2..
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Foreigners are dumping SA bonds at a rate of almost R2 billion ($132 million) a day as junk status looms
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Investors have been dumping South African government bonds at a rate of almost R2 billion ($132 million) a day in August. With issuance increasing and a downgrade to junk a looming possibility, non-residents have sold a net R14.4 billion of the debt in August so far, according to JSE data compiled by Bloomberg. That’s an..
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Fitch Grade has just downgraded SA’s debt to negative and it seems Standard & Poor are short on their heels
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South Africa’s economists are probably learning a hard economic lesson. Once a rating company questions a country’s creditworthiness and there is a downgrade, it’s difficult to reverse the rating. Fitch Grade has just downgraded SA’s debt to negative and it seems Standard & Poor are short on their heels. According to economists, there are no..
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