S&P reshuffles South Africa's credit rating to junk
Standard & Poor’s global has just announced South Africa's sovereign credit rating has been downgraded to double B plus.
The rating agency says the decision has been taken on the back of political and institutional uncertainty.
Fears of a downgrade were raised last week already when President Jacob Zuma announced his Cabinet reshuffle in which Pravin Gordhan was axed.
Analysis from Economist Thabi Leoka: