Credit ratings agency Moody’s downgraded a slew of South African banks, insurers and local authorities yesterday because of the country’s worsening financial position. It slashed the creditworthiness of the five biggest banks – FirstRand, Standard, Nedbank, Investec and Absa – to only one notch above junk status, all with a negative outlook. Moody’s downgraded South … Continue reading Moody’s slashes more credit scores