JUST IN: Fitch second ratings agency to slap SA with junk status

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.

Read: South Africa downgraded to junk status

S&P says their decision has been taken on the back of political and institutional uncertainty.

Take a listen to the EWN update:

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Here’s what it’ll take for South Africa to rise from junk status…

Here’s what it’ll take for South Africa to rise from junk status…

It’s hard, but not impossible. Arabile Gumede interviews Argon Asset Management Economic Strategist Dr Thabi Leoka.

Zuma stays, ANC full confidence in Finance Minister Malusi Gigaba

Zuma stays, ANC full confidence in Finance Minister Malusi Gigaba

ANC's Gwede Mantashe says newly appointed ministers are very capable comrades who have valuable skills.

Consequences of being downgraded to junk status: Magda Wierzycka

Consequences of being downgraded to junk status: Magda Wierzycka

Chief Executive Officer of Sygnia Group explains in detail what South Africa would have to go through as a result of a downgrade.

S&P’s fear of ‘budgetary slippage’ by new Finance Ministry moved it to downgrade

S&P’s fear of ‘budgetary slippage’ by new Finance Ministry moved it to downgrade

S&P explains why it downgraded SA's credit rating to junk after an emergency meeting, instead of the scheduled review on 2 June.

Gigaba claims S&P forewarned him of downgrade in confidence

Gigaba claims S&P forewarned him of downgrade in confidence

The new Finance Minister addressed the media and said he could not share the information prior to the announcement.

Opinion: The fact of the matter is Gigaba lied, says Redi Tlhabi

Opinion: The fact of the matter is Gigaba lied, says Redi Tlhabi

Finance Min. Malusi Gigaba revealed he knew about S&P's downgrade and Redi Tlhabi says it's a little too late to disclose info.

Gigaba knew about S&P downgrade ahead of time

Gigaba knew about S&P downgrade ahead of time

Why Malusi Gigaba lied to South Africa after Standard and Poor's forwarned him on Friday about the imminent downgrade.

S&P reshuffles South Africa's credit rating to junk

S&P reshuffles South Africa's credit rating to junk

The rating agency says the decision was taken on the back of political and institutional uncertainty.

Popular articles
It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

NSFAS to reopen 2017 applications

NSFAS to reopen 2017 applications

National Student Financial Aid Scheme says it will reopen 2017 loan applications after receiving requests for deadline extension.

How to build an African art portfolio (that'll grow in value)

How to build an African art portfolio (that'll grow in value)

Walker Scott Art Advisory’s Dr Fred Scott gives advice on building a high growth African art portfolio.

Right now, these are the best shares to buy on the JSE (according to Adviceworx)

Right now, these are the best shares to buy on the JSE (according to Adviceworx)

Bruce Whitfield interviews a Portfolio Manager about what she believes are the hottest stocks right now.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?

5 reasons why the tourism industry is sceptical about the latest numbers

5 reasons why the tourism industry is sceptical about the latest numbers

The tourism industry is questioning the veracity of the surprisingly upbeat tourism figures and the timing of their release.