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South Africa’s richest city in danger of falling further into junk | SA News

Luke Fraser
 ·20 Apr 2026

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South Africa’s richest metro, the City of Johannesburg, is facing a downgrade in its credit rating from Moody’s.

Moody’s has placed the city on review for a downgrade, which will impact several of the metro’s ratings.

A downgrade would push these ratings from their current Ba3 level deeper into junk/non-investment status. Ba3 is the third strata of non-investment/junk status.

For context, South Africa’s current Moody’s rating is Ba2, the second strata of…

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  1. Aikona – not on your life [eye-koh-na] or [hi-koh-na] A Zulu term used to express shock or disbelief when talking to friends or family.Example: “Aikona, why did she do that?!” / “Haikona, when?! How?!”