SACP, COSATU slams Moody’s Decision To Downgrade SA To Junk Status

Charles Molele

The South African Communist Party has lambasted the decision by credit ratings agency Moody’s Investors Service to downgrade the country’s economy to junk status.

The SACP said the credit ratings agency;s decision was ‘heartless, insensitive and inconsiderate’ as it comes at the worst possible time when the country battled the deadly coronavirus pandemic.

Moody’s Investors Service cut South Africa’s credit rating to junk, citing deterioration in SA’s fiscal strength and “structurally very weak growth”.

SACP spokesperson Alex Mashilo said Moody’s and other global credit ratings agencies were hellbent to ‘impose a foreign monopoly-finance capital-driven agenda opposed to the interests and aspirations of the people, especially the workers and poor.”

“This is a class agenda, an offensive during a global public health emergency and national state of disaster, rather than a mere technical rating exercise,” said Mashilo.

“The SACP is strongly opposed to that agenda, its related weaponisation of