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Dawie Roodt: Junk downgrade should have happened sooner

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Johannesburg - Although there has been somewhat of a surprise to South Africa's downgrade to junk status on Monday, economist Dawie Roodt is of the view that it should have happened sooner.

Speaking to eNCA he cited South Africa’s debt levels, the state of state-owned enterprises and economic and political uncertainties as some of the factors contributing to the downgrade.

“The ratings agencies gave us a lot of time, and gave us a second chance,” he said. “Ratings agencies gave us ample time to correct things. We did not make the most of the opportunity and now we are paying the price.”

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