Moody's downgrades South Africa's Land Bank deeper into "junk"

June 10, 2020 - Ratings agency Moody's has downgraded South Africa's Land Bank deeper into subinvestment grade after the state company missed another debt interest payment due to liquidity challenges. The Land and Agricultural Development Bank of South Africa (Land Bank), the country's largest agricultural-focussed lender, defaulted on the loans totalling 50 billion rand ($3.01 billion in April.
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