About: http://data.cimple.eu/news-article/9ca49183517e5422f34170db54766988efce05ca6758761c2e36e422

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rdf:type	schema:NewsArticle
schema:articleBody	S&P Global Ratings on Wednesday lowered the credit rating for South Africa by one notch to "BB-" due to the "significant adverse implications" of the coronavirus pandemic on the country's already weakened economy. "South Africa's already contracting economy will face a further sharp COVID-19-related downturn in 2020," after contracting in the second half of 2019 due partly to the severe rolling power blackouts, the ratings agency said. While the agency said the early efforts to contain the spread of the virus have limited the health impact, "the COVID-19 health crisis will create additional and even more substantial headwinds to GDP growth." Coronavirus infections rose to nearly 5,350 cases and 103 deaths -- the highest in Africa -- though the spread has slowed and President Cyril Ramaphosa announced he will begin to gradually ease the five-week lockdown starting Friday. "Government is disappointed by S&P's decision to downgrade the sovereign rating at a time when South Africa is facing one of its most challenging times," the treasury said in a statement. "Structural reforms need to be urgently implemented in order to get the economy moving in the right direction." S&P projects the South African economy will shrink by 4.5 percent this year compared with the November 2019 estimate of growth of 1.6 percent. Ramaphosa last week unveiled a large economic support package totalling about 500 billion South African rand (ZAR), which is about 10 percent of GDP. However, S&P said some of that can be financed by the International Monetary Fund and other development lenders. hs/caw/sch/spm
schema:headline	S&P downgrades South Africa debt to 'BB-' amid virus impact
schema:mentions	Credit rating South African rand 2020 Hubei lockdowns Cyril Ramaphosa International Monetary Fund Africa Gross domestic product South Africa Pandemic Virus Coronavirus President of the United States Coronavirus disease 2019 S&P Global Challenging Times Canadian Auto Workers
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	81 (xsd:integer)

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