Statement by the African Peer Review Mechanism on the Downgrade of South Africa by Fitch and Moody's
The African Peer Review Mechanism (APRM), a specialized entity of the African Union (AU), supports African countries in the area of credit rating agencies. As part of this mandate, the APRM undertakes routine reviews of rating opinions of African countries issued by international credit ratings agencies. Accordingly, the APRM has noted the downgraded by the two dominant international credit rating agencies – Fitch and Moody’ – on the 20th of November 2020 on the Government of South Africa’s long-term foreign currency credit rating.