How will ‘Junk Status’ affect the ordinary South African?

How will ‘Junk Status’ affect the ordinary South African?

South Africa is currently sailing in uncharted waters. We are in the first week of a 21-day government enforced ‘lock-down’ to combat the spread of COVID-19. This decision will no doubt have a damaging effect on an already struggling South African economy in weeks and months to come. Added to this, the news broke on Friday evening that credit-rating agency Moody’s have pulled the trigger officially downgrading South Africa to sub-investment grade sovereign debt, or ‘junk status’.

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