Downgrades to raise South Africa’s borrowing costs

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Sun, 2020-11-22 01:26

JOHANNESBURG: South Africa’s finance ministry said credit ratings downgrades by Moody’s and Fitch would increase the country’s borrowing costs and constrain its fiscal options.

“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.

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