Tag: ratings downgrade
Law must prevail and key corridors protected – the time to...
We strongly condemns the wanton destruction of the country’s key infrastructure, goods and property and the senseless loss of lives over the past week. We respect South Africa’s law and the Constitution, but it is time to take action. It is time for us to work together, make plans, implement those plans and ensure that our supply chains continue to operate.
Further into junk
Moody’s and Fitch downgraded SA’s foreign-currency sovereign rating and its local-currency rating.
The economic impact of COVID-19
SAICA hosted a webinar on 6 April 2020 where Chief Economist for Investec Bank Limited South Africa, Annabel Bishop, spoke about the effects of Sub-investment grade Status and the Coronavirus on our country’s already struggling economy.
What does life after lockdown look like for business?
The global COVID-19 pandemic has made its presence felt in South African retail and consumer-focused businesses, especially in tourism and hospitality, but the full impact on earnings, cash flow and employment will last far longer than the initial lockdown.
Moody’s downgrade and what it means for investors
The Moody’s downgrade of South Africa’s credit rating should have happened long ago. We’ve known for a long time that our fiscal metrics have been unsustainable, so despite the coronavirus, this is unsurprising.
Disease and downgrades
Moody’s finally dropped the sword on South Africa on Friday evening, following in the steps of fellow ratings agencies S&P and Fitch in downgrading the country’s sovereign credit rating to sub-investment grade or 'junk status'. And the COVID-19 crisis and current lockdown mean that even before factoring in the impact of Moody’s decision, the economic outlook for SA in 2020 is harrowing.
The impact of online retail on existing retail
Nerina van Niekerk is 24 and lives in Stellenbosch, some 52 kilometres from Cape Town, capital of one of Africa’s most wired provinces. In the Western Cape, 75% of people who are 16 and upwards have access to the internet. This compared to Gauteng, at 55%.
Nedbank calls for faster action
Nedbank says structural reforms aimed at stemming the current economic and fiscal deterioration in SA need to be implemented with greater urgency. Its call came as it reported muted growth in interim earnings and trimmed its full-year guidance due to weaker than expected economic growth this year.
Interest rates on hold as SA awaits Moody’s rating assessment
Following the South African Reserve Bank’s decision earlier today to keep interest rates unchanged, FNB confirms that it will maintain its prime lending rate at 10.25% and will review its position following the next SARB MPC meeting in May 2019.
SA dodges ratings bullet but much still needs to be done
The affirmation of South Africa's investment-grade credit rating by Moody's late on Friday is welcome. South Africans will now be spurred to focus on their individual financial wellbeing and ask if their own status could be described as investment grade or junk. This in light of the fact that 94% of South Africans still on the junk watchlist.