{"id":2311,"date":"2020-01-22T09:31:09","date_gmt":"2020-01-22T09:31:09","guid":{"rendered":"https:\/\/www.tlu.co.za\/?p=2311"},"modified":"2020-01-22T09:31:32","modified_gmt":"2020-01-22T09:31:32","slug":"tlu-sa-predicts-further-downgrades-of-soes-after-moodys-junk-status-for-landbank","status":"publish","type":"post","link":"https:\/\/www.tlu.co.za\/en\/tlu-sa-predicts-further-downgrades-of-soes-after-moodys-junk-status-for-landbank\/","title":{"rendered":"TLU SA predicts further downgrades of SOE\u2019s after Moody\u2019s junk status for Landbank"},"content":{"rendered":"

The downgrade of the Landbank to junk status by the credit rating agency Moody\u2019s Investors Services is just the start of financial challenges that will give the agricultural industry a blow this year.\u00a0<\/span><\/p>\n

\u201cIt is increasingly getting more difficult to have a positive attitude towards the future of agriculture in South Africa,\u201d says Mr Louis Meintjes, the president of TLU SA. \u201cNot only are our farmers struggling to keep their heads above water because of challenges like farm safety, unreasonable labour laws, stock diseases, drought and limited export opportunities because of the poor economic climate, but now they are plunged into even more debt by a downgrade of the Landbank which provides credit to most farmers.\u201d<\/span><\/p>\n

The Landbank has been in review since November 2019 and is now a notch lower at Ba1 after the downgrade, placing it in junk status.\u00a0<\/span><\/p>\n

\u201cIt will become more expensive for the Landbank to do business because the bank depends on funds from somewhere else to provide credit to clients,\u201d says Mr Meintjes. \u201cAs a result of the downgrade, the Landbank will have to pay more for the funds which will lead to an increase in the interest rate of clients.\u201d<\/span><\/p>\n

According to Moody\u2019s the downgrade was done because they don\u2019t foresee the state having enough room to support state-owned entities (SOE\u2019s). The downgrade of the Landbank is just the beginning of downgrades of SOE\u2019s and finally the country.<\/span><\/p>\n

Moody\u2019s is the only credit rating agency who have not downgraded the state to junk status. The next grading decision by Moody\u2019s will happen in March and other agencies, Standard & Poor and Fitch Ratings, will probably decide over gradings after the budget speech on 13 February.\u00a0<\/span><\/p>\n

\u201cFor TLU SA it is a further stab in the heart that the Landbank \u2013 which was founded at the request of TLU SA in 1905 \u2013 could not succeed in its mandate because of continuous mismanagement and will probably be responsible for the downfall of many farmers.\u201d\u00a0<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The downgrade of the Landbank to junk status by the credit rating agency Moody\u2019s Investors Services is just the start of financial challenges that will give the agricultural industry a blow this year.\u00a0 \u201cIt is increasingly getting more difficult to have a positive attitude towards the future of agriculture in South Africa,\u201d says Mr Louis […]<\/p>\n","protected":false},"author":5,"featured_media":2308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_cloudinary_featured_overwrite":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-2311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news-english"],"acf":[],"yoast_head":"\nTLU SA predicts further downgrades of SOE\u2019s after Moody\u2019s junk status for Landbank - 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