Friday, 01 May 2020 10:22

Disappointment at S&P downgrade

Government has expressed disappointment at rating agency S&P’s decision to downgrade South Africa’s sovereign rating amidst the COVID-19 pandemic.

Standard & Poor's Global Ratings has again downgraded SA's foreign and local currency ratings by one notch each to BB and BB+ respectively.

The downgrading of South Africa's debt to junk status and the firing of Pravin Gordhan as finance minister mean that interest rates will be on hold until 2020 at least, a poll of economists predicted yesterday.

With South Africa and Nigeria being Africa’s two biggest economies, the recent credit rating downgrades by global ratings agencies, will negatively affect both nations and hit Africa’s overall economic growth.

The National Treasury has welcomed the decision by ratings agency Standard and Poor (S&P) not to downgrade South Africa. 

Investors might be in a rush to see the back of 2015. Despite a dispirited Alsi, the property sector presents signs of good health.

Monday, 29 June 2015 14:43

UAE property market set to decline

UAE property market is set for a soft correction after three years of sharp rises but a crisis is ruled out, says Standard & Poor's.

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