South Africa Descends Deeper Into Junk After Two Downgrades

South Africa Descends Deeper Into Junk After Two Downgrades

Photographer: Waldo Swiegers/Bloomberg









Photographer: Waldo Swiegers/Bloomberg





Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterSouth Africa fell deeper into junk territory after Moody's Investors Service and Fitch Ratings lowered the country's credit ratings on Friday.







The ratings cuts come after the coronavirus pandemic pummeled the government's finances and pushed the economy into its longest recession in almost three