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![Today, Halo and Demographica announce a new specialist agency, Second Rodeo]], headed up by Mike Stopforth (left). Dean Oelschig, managing partner and founder of Halo (right) says they will work as a group but ultimately, each agency will be an individual specialist](https://biz-file.com/c/2505/772543-300x156.jpg?2)
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S&P sinks South Africa further into the junk
Standard & Poor's has lowered South Africa's further into junk status with a "BB-" credit rating because of the "significant adverse implications" of Covid-19 on the country's already-weakened economy
Early efforts to contain the spread of the virus have limited the health impact, but "the Covid-19 health crisis will create additional and even more substantial headwinds to GDP growth", the ratings agency said.
The statement from the agency continued: "South Africa's already contracting economy will face a further sharp Covid-19-related downturn in 2020."
This is on top of the second half contraction in 2019 resulting from the country's rolling blackouts. S&P projects the South African economy will shrink by 4.5% this year compared with the November 2019 estimate of growth of 1.6%.
President Cyril Ramaphosa outlined the R500bn Covid-19 economic-support package, which is about 10% of GDP. However, S&P said some of that can be financed by the IMF and other development lenders.
