The latest sovereign ratings downgrades imposed on South Africa have dealt a blow to the country's economic recovery plan and should spur government into action to address the issues raised by Moody’s and Fitch. Responding to the news that Moody's and Fitch have pushed South Africa's credit rating deeper into junk status, Business Unity South Africa (Busa) CEO Cas Coovadia said in a statement at the weekend that the downgrades reinforced the "severe socioeconomic crisis confronting the country".
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