The South African economy has taken a battering over the past few years with political volatility, seeing ratings agencies wagging their fingers at the country.
The latest reshuffle has been severely criticised with major concerns over the nuclear deal.
Dennis Dykes who is a chief economist at Nedbank says ratings agencies do not perceive South Africa in an unfavourable light.
Unfortunately every move in government -and cabinet reshuffles in particular - are looked at not for what they can do for a country but what they do to individuals running the country. This will be viewed with a lot of skepticism internationally by both investors and rating agencies.— Dennis Dykes, Chief Economist at Nedbank
The rand was slightly affected on Tuesday. There has been a swing back into emerging markets currencies which has helped the rand a bit explains Dykes.
Dykes believes President Jacob Zuma was reckless with his decision to make changes to the Cabinet.
Dykes says he hopes ratings agencies will put a hold on things and wait to see what the outcome of the African National Congress (ANC) is and what happens post the conference.
Most analysts are hoping that they (ratings agencies) won't move in November.— Dennis Dykes, Chief Economist at Nedbank
There is a feeling they might wait it out, but if nothing's happened we will get a negative downgrade because, unfortunately, things have moved negatively he says.
Listen to the analysis in the clip below: