JOHANNESBURG - Ratings agency Fitch has cut South Africa's foreign currency credit rating down from their view of BBB+ to BBB on Thursday.
Fitch Ratings is a global rating agency that researches the credit worthiness of countries across the world.
The global agency says South Africa's credit-worthiness is suffering due to the blows to the economy this year.
The company has downgraded South Africa's long term foreign currency credit rating as well as the short term credit rating.
Credit analyst Rasia Khan says the downward move was not unexpected.
“The move was not at all unanticipated. Many people had expected that it would come through.
“But it is a cause for concern for South Africa because now all three ratings agencies, in a space of less than six months, have downgraded the country’s ratings.”
In October 2012, Standard and Poor's downgraded South Africa to BBB.
In September 2012, Moody’s downgraded the country from A3 to Baa1.