Moody’s is likely to adopt a ‘negative’ outlook on South Africa’s local currency debt rating later today, paving the way for a downgrade to ‘junk’ status. The review comes days after the government released very worrying budget figures, which suggested that the debt outlook is even worse than we’d thought. South African rugby fans will hope to cap off a grim week with a win in Saturday’s Rugby World Cup final, but our in-house model suggests that they will struggle against England. Go Bokke!
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