Moody's cuts South Africa's credit ratings to junk

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Moody's has downgraded South Africa's credit rating to junk status, piling more anguish on an economy  already in recession and battered by Africa's

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's credit rating to junk status, piling more anguish on an economy already in recession and battered by Africa's worst coronavirus outbreak.

Losing its last investment-grade rating will see the country being excluded from the FTSE World Government Bond Index .began a three-week nationwide lockdown to try halt the rapid spread of the novel coronavirus which has infected more than 1,100 people in the country. "The government's own capacity to limit the economic deterioration, in the current shock and more durably is constrained," it said, blaming"unreliable electricity supply, persistent weak business confidence and investment as well as long-standing structural labour market rigidities."

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