Browsing: Moody’s Investor Service

The rand plumbed a record low after the country lost its last investment-grade credit rating, and investors anticipated it may slide deeper into junk as the spread of the coronavirus decimates the economy.

Moody’s cut South Africa’s credit rating below investment grade, delivering the country a full house of junk assessments as it grapples with a nationwide lockdown.

Beyond a large increase in tariffs, a material improvement in Eskom’s financial profile is not expected before new generation capacity comes on stream, Moody’s Investors Service said on Tuesday