On Monday evening, Standard & Poor’s Global ratings said it was downgrading the country’s sovereign credit rating status to junk, then Moody’s said it would review the country’s rating.
Johannesburg Stock Exchange CEO Nicky Newton-King says this news is catastrophic for the economy.
Economists say this news was expected but it is still a huge shock because of the implications for our economy.
Nicky Newton-King says it’s going to affect everyone.
“They will be less for service delivery, for the very much vulnerable people in our society. It would mean much-delayed opportunity to really build growth and put the local market under pressure.”
