S&P keeps South Africa on junk status

File: The latest S&P credit rating decision keeps South Africa under non-investment grade.

File: The latest S&P credit rating decision keeps South Africa under non-investment grade.

AFP

JOHANNESBURG - Government says it had no choice but to put measures in place to protect South Africans from the coronavirus.

This was in response to the latest S&P credit rating decision to keep the country under non-investment grade.

It cites a weak fiscal position and the large COVID-19 relief package as reasons.

READ: COVID-19: S&P downgrades South Africa debt to 'BB-'

Last month, S&P lowered South Africa's sovereign credit rating further into junk status, citing the negative impact of COVID-19 on the country's already ailing economy.

Government has however criticised S&P for what it calls the agency's out-of-schedule credit rating action last month.

It says according to the S&P calendar, the first crediting rating was only supposed to be published this month.

Source
eNCA