Moody’s and Fitch lowered country's ratings, finance minister says the decision is painful and will have immediate implications

South Africa descends deeper into junk after fiscal downgrades

Finance minister Tito Mboweni described the downgrades as painful with implications for the country's borrowing costs

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South Africa was sunk deeper into junk status on Friday, receiving a double bill of ratings downgrades from both Moody’s Investors Service and Fitch Ratings...

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