SA falls deeper into junk status

Bradley Prior

Bradley Prior

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SA falls deeper into junk status

South Africa fell deeper into junk territory after Moody’s Investors Service joined Fitch Ratings in lowering the country’s credit ratings on Friday. [Bloomberg]
 
But the Rand just keeps on ticking... Lost a small fortune converting my pay this week :crying:
 
Eric said:
Mozambique showing us the way.
Click to expand...

Zambia is currently in a default, but the big difference is that they have foreign currency denominated bonds. SA mainly issues bonds in rand, so a default would be stupid. SA hasn't done that since 1985, though back then it was called a "unilateral payment freeze".
 
What is lower than rock bottom...... the ANC headquarters(and yes I can blame them as they are the ones responsible for this) thats is what you will find if you keep digging.

Will we hear that there is no problem, that its apartheids fault, or even Jan who brought currency to this country?

I was one of those that believed things will get better(Yeah I know stupid right) but I am re-thinking that perspective
 
Left SA 2003. Really? Is there any positive news from South Africa? The rating is going to drop in March again, after the budget speech in Feb21. Mark my words. It happened this year and last year. There is just no recovery possible for the next 10 years and is a conservative prediction.
 
Acid0 said:
What is lower than rock bottom...... the ANC headquarters(and yes I can blame them as they are the ones responsible for this) thats is what you will find if you keep digging.

Will we hear that there is no problem, that its apartheids fault, or even Jan who brought currency to this country?

I was one of those that believed things will get better(Yeah I know stupid right) but I am re-thinking that perspective
Click to expand...

Haha I was one of those for many many years. Give the ANC a chance, they just need some time.

Yeah well clearly that is not the case, corruption and incompetence is rife and it seems that that trend will continue.
 
Shadowchaser1 said:
Left SA 2003. Really? Is there any positive news from South Africa? The rating is going to drop in March again, after the budget speech in Feb21. Mark my words. It happened this year and last year. There is just no recovery possible for the next 10 years and is a conservative prediction.
Click to expand...
There's no recovery possible under ANC. But their supporters will keep on believing it's the West's fault.
 
I know the Govt are to blame for a lot of this, but one should probably ask, had 2020 been business-as-usual would we have landed up going further down junk? I think COVID has caused us a lot of problems - and its a global issue. Sky article saying global debt caused by COVID is something stupid like 19.5 trillion usd. I mean short of printing money how do you get out of that?
 
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