S&P Cuts South Africa Deeper Into Junk as Virus Hits Growth

“S&P Global Ratings cut South Africa deeper into junk territory amid concern the COVID-19 pandemic will send the economy into a sharp downturn. The ratings firm downgraded the country’s long-term foreign-currency rating to BB-, three notches below investment-grade, from BB. South Africa’s cost of servicing public debt will climb to about 6.5% of gross domestic product by 2023, S&P said Wednesday.”