The country stands to slip deeper into crisis unless the lust for loot is stopped. The economy is already in deep trouble.
The new finance minister says he did not inform South Africa of the downgrade because it had been made in confidence
According to analysts, S&P is likely to downgrade South Africa’s sovereign credit rating to junk status by mid-2017.
Today’s #MTBPS2016 will be key to South Africa averting a credit downgrade by rating agencies.
Things remain stable, assures rating agency Standard & Poor’s – at least for the time being.
The finance minister announced treasury’s intention to reduce the main budget expenditure ceiling by R25-billion over the next two years.
Two rating agencies delivered some good news on Friday evening when both kept their credit ratings and outlook for South Africa unchanged.
Investors are beginning to favour the Eastern European country over South Africa as strike in mining and metals overshadow the seizure of Crimea.
The new finance minister says the country is unlikely to meet a a growth target of 2.7% for the year given the protracted platinum strike.
The ANC has called on South Africans to help grow the economy after ratings agency Fitch changed its outlook on SA’s credit rating to negative.
Just hours after Fitch changed its outlook on SA’s credit rating to negative, Standard and Poor announced its downgrading by one notch.
Ratings agency Fitch has downgraded its South African outlook to negative, and analysts expect Standard & Poor’s to downgrade too.
While Moody’s has kept its BAA1 rating and negative outlook for the country due to SA’s credit profile, it is optimistic about sub-Saharan Africa.
Ratings agency Standard & Poor’s has affirmed South Africa’s sovereign credit rating at BBB with a negative outlook.
Tunisia’s Hamadi Jebali has stepped down after failing to appoint a new government, while the country’s credit rating has been downgraded again.
As unemployment soars, financial institutions face rising bad debt and the need for a European Union rescue.
A downgrade because of rampant expenditure will have severe fiscal implications for SA.
Standard & Poor’s said its president is stepping down, capping two weeks of controversy following the rating agency’s downgrade of US government debt.
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/ 4 December 2008
A government task team will be established to handle the effects of the global economic crisis, Finance Minister Trevor Manuel announced on Thursday.