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Date published 27.11.2017

RATING agency Standard & Poor’s on Friday downgraded South Africa’s credit rating to junk status, causing more challenges for the outbound travel industry, with the cost of overseas travel, including international air fares poised to increase further next year.

Moody’s has held off a decision until after the ANC leadership conference next month, with a possible further delay until the Budget in February. Fitch, the other global ratings agency and the least influential of the three, had already downgraded South Africa to junk.

The downgrades are widely regarded as a damning indictment of government corruption and incompetence, which has resulted in plummeting business and consumer confidence.

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