South Africa Moody’s lowers the country’s rating from Baa3 to Ba1, with a negative outlook
While the country is in containment since yesterday Friday to try to slow the spread of the coronavirus which has already affected more than 1000 people and made a victim, the rating agency Moody’s announced overnight that it had lowered the country’s rating, Baa3 to Ba1, with a negative outlook.
The institution justifies this choice by “the continuing deterioration of the fiscal situation and structurally very weak growth”. South Africa went into recession at the end of 2019 and is unable to control its debt. Problems that “will not be dealt with effectively by current policy,” the agency said.
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