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Fitch cuts S.Africa’s credit rating to ‘junk’

It said the downgrade reflected the view that “recent political events, including a major cabinet reshuffle, will weaken standards of governance and public finances.

Johannesburg, South Africa, Apr 7 – Ratings agency Fitch said Friday it had cut South Africa’s credit rating to junk status, citing the recent political instability prompted by a controversial cabinet reshuffle.

The agency downgraded the country’s sovereign debt rating from ‘BBB-‘ to ‘BB+’ but kept the outlook stable.

It said the downgrade reflected the view that “recent political events, including a major cabinet reshuffle, will weaken standards of governance and public finances.”

Already earlier this week, another rating agency, Standard & Poor’s, also reduced South Africa’s rating to sub-investment, as the country’s currency, the rand, slid after President Jacob Zuma ousted his finance minister, Pravin Gordhan.

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