Standard & Poor’s global announced on Monday afternoon that South Africa's sovereign credit rating has been downgraded to double B plus.
Economist Thabi Leoka, confirmed the news on the Afternoon Drive show with Redi Tlhabi.
My heart started throbbing, I can't believe this.— Thabi Leoka, Economist
Leoka says she didn't expect the downgrading to happen now.
They did warn us. They would downgrade us if they felt that politically, politics would undermine economic and policy adoption.— Thabi Leoka, Economist
I guess they felt strongly enough to downgrade us.— Thabi Leoka, Economist
Leoka says South Africa was once considered an A rated country among emerging markets.
I don't want to be an alarmist but it's catastrophic.— Thabi Leoka, Economist
Listen to the full clip for more analysis from Economist, Thabi Leoka: