MARKET WRAP: Rand extends losses as Fitch throws cold water on SA’s debt hopes

The rand extended losses on Friday after Fitch Ratings said SA is unlikely to achieve its plans to stabilise debt levels within four years.

“This reflects persistent challenges in reducing expenditure, boosting growth and insulating public finances from struggling state-owned enterprises, as well as reflecting the impact of the coronavirus pandemic, which will drive a sharp rise in debt to GDP this year,” Fitch said in a statement on Friday.