Credit ratings agency Moody&#8217;s has downgraded South Africa to junk status on day 2 of the country&#8217;s nationwide lockdown. 



President Cyril Ramaphosa&#8217;s economic reform plans have been slowed by the coronavirus pandemic. The downgrade adds salt to injury for South Africa as it currently struggles with a recession it slipped into in early March. 



&#8220;The unprecedented deterioration in the global economic outlook caused by the rapid spread of the coronavirus outbreak will further exacerbate South Africa’s challenges&#8221; said Moody&#8217;s.

Tag: Ratings Agency

FORBES AFRICA SOCIAL MEDIA

Moody’s Downgrades South Africa To Junk