South Africa
S&P keeps SA on junk status─── 08:25 Sat, 23 May 2020
PHOTO: eNCA
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.
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.
