"The decision by Fitch and Moody's... is a painful one," Tito Mboweni, Minister of Finance, said in a statement.
There is an urgent need for government to implement structural economic reforms to avoid further harm to the country's sovereign rating, he said. Credit rating agencies Fitch and Moody's lowered the sovereign ratings further into junk late on Friday on rising debt and more likely weakening in the fiscal strength, while S&P Global affirmed on hopes that credit strength will offset them.
Which government
Meaning digital?
All Tito knows is is garlic in every meal
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.