IRMSA Risk Report – South Africa Risks 2016
The second edition of the IRMSA South Africa Risks Report is presented during a volatile period in the country’s development, highlighted by Fitch, Standard & Poor’s and Moody’s all lowering their outlook on South Africa’s credit rating to essentially one notch above junk status in December 2015, the rand trading at its worst-ever levels against the pound and the dollar in nominal terms in the same month, Pravin Gordhan being named the third finance minister in less than a week, and widespread public protests. These and other events are occurring as South Africa grapples with the worst drought to hit the country in decades.