Cosatu slams rating agency Moody’s

Written by on 4 November, 2019

The Congress of South African Trade Unions says it is not surprised by the rating agency Moody’s decision to downgrade South Africa to negative.

The agency changed its outlook on the country’s credit rating from stable to negative but has affirmed the BAA3 long-term foreign and local currency rating.

Finance Minister, Tito Mboweni, has acknowledged Moody’s rating with a heavy heart, saying he hoped for a different outcome.

Cosatu spokesperson, Sizwe Pamla, elaborates.

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Meanwhile, economist, Jabulani Khanyile, says Moody’s decision to downgrade South Africa will have a negative impact in the country.

Moody’s mentioned high unemployment, Eskom, inequality, and severe socio-political challenges.

Khanyile says the country will surpass the 30% unemployment.

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By: Lindelani Mbatha

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