The Eighty20/XDS Credit Stress Report 2023 Q2 is now available.

It has been a long, cold winter in South Africa, with the gloomy climate reflected in our political and economic situation, culminating in our darkest day in May, when the US Ambassador accused South Africa of supplying arms to Russia, causing the rand to plummet. 

Against this background the quarter saw credit defaults continue to increase, especially with secured debt, with certain segments exiting the credit market either through choice or default.  On the positive side, the Western Cape is performing markedly better than other provinces, reflecting some positivity for the future.