South Africa

South Africa: Fitch cuts growth forecast to 0.7% – Business Report – 29/06/2017

Fitch Ratings subsidiary BMI Research yesterday joined the World Bank in revising South Africa’s economic growth for this year to 0.7percent from its previous forecast of 1percent, warning that pursuing a nuclear programme would put significant strain on the sluggish economy.

Source:  Business Report, 2017/06/29

By |June 29th, 2017|Categories: News|Tags: , , |

Ratings agency Moody’s has downgraded South Africa one notch to BAA3 – one notch above subinvestment grade. – Eyewitness News – 09/06/2017

Moody’s placed South Africa on review for a downgrade in April after finance minister Pravin Gordhan and his deputy were sacked.

Source:  Eyewitness News, 2017/06/09

By |June 15th, 2017|Categories: News|Tags: , , |

Markets may or may not know what’ll become of the Rand – The South African – 08/06/2017

The Rand found itself in a dominating position in the final phases of May, owing mainly to the recent drop in inflation. Another possible explanation to the rally against the major currencies was last week’s unchanged ratings from Fitch and S&P, as well as the greenback sell off after Friday’s disappointing US jobs data. Moreover, [...]

By |June 8th, 2017|Categories: News|Tags: , , |

Reflections on the ratings downgrades – Politics Web – 23/05/2017

This brief is a summary of the most recent decisions taken by the credit ratings agencies on South Africa's credit rating following the cabinet reshuffle in March this year. Standard and Poor's and Fitch downgraded the countries foreign currencies to non-investment grade, while Moody's has put the country's sovereign ratings on review for downgrade. The [...]

By |May 24th, 2017|Categories: News|Tags: , , , |

Bond problems possible over South Africa woes – PI Online – 17/04/2017

Ratings agencies Standard & Poor's and Fitch Ratings in early April downgraded the country's foreign currency debt to BB+, below investment grade, from investment grade, just days after South African President Jacob Zuma sacked Finance Minister Pravin Gordhan, along with eight other members of the Cabinet.

Source:  PI Online, 2017/04/17

By |April 20th, 2017|Categories: News|Tags: , , |

Emerging nations urge rich countries to honour climate finance pledges – Channel News Asia – 11/04/2017

China, Brazil, India and South Africa have urged industrialised countries to honour financial commitments made in Paris in 2015 to help developing countries fight against global climate change, they said in a statement on Tuesday.

Source:  Channel News Asia, 2017/04/11

By |April 13th, 2017|Categories: News|Tags: , , , , , |

Fitch becomes second agency to downgrade SA’s credit rating to junk – Mail & Guardian – 07/04/2017

On Friday it downgraded both South Africa’s local and foreign currency ratings, citing President Jacob Zuma’s Cabinet reshuffle and the increased likelihood that South Africa would speed up its “expensive” nuclear procurement drive under a new Cabinet.

Source:  Mail & Guardian, 2017/04/07

By |April 13th, 2017|Categories: News|Tags: , , |

South Africa: Zuma Calls for Calm After Sovereign Debt Downgrade – AllAfrica.com – 04/04/2017

Storm clouds are gathering over President Jacob Zuma. As S&P downgrades South Africa's credit rating to junk, a powerful trade union organization has now branded him as not the "right person" to lead the country.

Source:  AllAfrica.com, 2017/04/04

By |April 6th, 2017|Categories: News|Tags: , , |

South Africa is on a cliff edge – just as it was in 1985 – Mail & Guardian – 03/04/2017

South Africa’s financial stability was put under severe pressure after the infamous Rubicon speech of then State President P W Botha. Before the speech, high expectations were raised internationally about the announcement of major political changes in South Africa, but these expectations did not materialise.

Source:  Mail & Guardian, 2017/04/03

By |April 6th, 2017|Categories: News|Tags: , , |

South Africa is going to court to stop itself from going bankrupt – BusinessTech – 23/02/2017

South Africa’s controversial R1 trillion nuclear deal is currently being decided in South Africa’s High Court (22-24 February) in a case that analysts believe could decide the country’s financial future. According to the facts of the court case, the SA government wants to build several nuclear power plants in the country to provide 9,600MW of [...]

By |February 23rd, 2017|Categories: News|Tags: , , , , |