Ratings agency Fitch has followed suit after Standard & Poor (S&P) cut South Africa's sovereign credit rating to below investment-grade on Monday.
Fitch says in its view, President Jacob Zuma's recent Cabinet reshuffle is likely to change the direction of economic policy.
BREAKING: Ratings agency Fitch has downgraded South Africa to BB+ ('junk' status).— EWN Reporter (@ewnreporter) April 7, 2017
S&P says their decision has been taken on the back of political and institutional uncertainty.
Take a listen to the EWN update:
This article first appeared on CapeTalk : JUST IN: Fitch second ratings agency to slap SA with junk status