While Cyril Ramaphosa delights in the Rugby players’ victory in Japan, Moody’s downgraded the country’s financial position near to junk status.
In the next 12 to 18 months, the Ramaphosa regime will have to implement good plans otherwise there will be another major setback for the country that was once known as the most prosperous one on the continent.
Moody’s is the last of the three major rating agencies to still show patience and not like Standard & Poor, as well as Fitch had previously seen the SA economy as a loser, and downgraded the country to junk status.
It is now becoming increasingly difficult for SA to borrow money, and investors are now more than ever hesitant to invest in a poor economic environment.