Last Friday both Fitch Ratings and Moody’s Investor Services downgraded South Africa’s sovereign risk rating by a further notch each, pushing the country yet further into junk status. South Africa is now at ‘its lowest credit rating levels…since 1994’, said the Treasury in its reaction.
Choking up with emotion at times, scientist Nicolette Forbes took to Zoom last week to urge critics to allow nature – not bulldozers – to heal Lake St Lucia, the largest estuarine lake in South Africa and symbolic battleground between developers and conservationists.
South Africa sunk deeper into junk territory on Friday (20 November) after Moody’s Investors Service joined Fitch Ratings in lowering the country’s credit ratings.
One of the biggest lenders to South African farmers can’t take on new clients or meet half the needs of existing customers until it gets another government bailout to keep operating.
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South Africa is divided into a number of farming regions according to climate, natural vegetation, soil type and farming practices.
After slashing its key lending rate by 300 basis points to 3.5% in 2020, the South African Reserve Bank (SARB) finds itself in an unusual position. It has scope for yet another rate cut, even in the face of a strongly rebounding economy.
