Covid-19 only exacerbated the dire straits that the South African economy found itself in last year. To compliment the millions of job losses and business closures, was the downgrading to junk status. A contracted workforce means reduced tax revenue, meaning that the...
By Melani Nathan South Africa has fallen deeper into junk territory after Moody’s Investors Service joined Fitch Ratings in lowering the country’s credit ratings on Friday. Moody’s cut the nation’s foreign- and local-currency ratings to Ba2, two levels below...
