Neg­a­tive mood

WHAT HAP­PENED WHAT OTH­ERS SAID

Finweek English Edition - - The Finweek -

TWO DOWN­GRAD­ING shocks for South Africa in a sin­gle week (whether jus­ti­fied or not) rubbed salt into the wounds of the coun­try’s econ­omy. The first down­ward ad­just­ment came from rat­ing agency Fitch, which ad­justed its rat­ing prospects for SA to neg­a­tive. Fitch also down­graded banks In­vestec, Ned­bank and Absa. Stan­dard & Poor’s rat­ing is now also neg­a­tive. BUSI­NESS DAY said the Achilles heel of the SA econ­omy – its large cur­rent ac­count deficit – was again used against it in both down­grad­ings. It warned ways would have to be found ur­gently to im­prove SA’s ex­port sec­tors and a sav­ings cul­ture must be es­tab­lished. Beeld said both rat­ings un­for­tu­nately have a ma­jor im­pact on the mood of the for­eign ex­change mar­ket.

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