20°C / 22°C
  • Fri
  • 30°C
  • 14°C
  • Sat
  • 28°C
  • 13°C
  • Sun
  • 27°C
  • 12°C
  • Mon
  • 27°C
  • 14°C
  • Tue
  • 28°C
  • 15°C
  • Wed
  • 30°C
  • 15°C
  • Fri
  • 17°C
  • 10°C
  • Sat
  • 20°C
  • 10°C
  • Sun
  • 19°C
  • 12°C
  • Mon
  • 20°C
  • 12°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 18°C
  • 11°C
  • Fri
  • 31°C
  • 16°C
  • Sat
  • 29°C
  • 15°C
  • Sun
  • 30°C
  • 15°C
  • Mon
  • 30°C
  • 16°C
  • Tue
  • 30°C
  • 16°C
  • Wed
  • 33°C
  • 16°C
  • Fri
  • 31°C
  • 11°C
  • Sat
  • 28°C
  • 14°C
  • Sun
  • 30°C
  • 13°C
  • Mon
  • 29°C
  • 15°C
  • Tue
  • 31°C
  • 15°C
  • Wed
  • 32°C
  • 13°C
  • Fri
  • 21°C
  • 17°C
  • Sat
  • 23°C
  • 16°C
  • Sun
  • 25°C
  • 17°C
  • Mon
  • 27°C
  • 19°C
  • Tue
  • 24°C
  • 19°C
  • Wed
  • 20°C
  • 17°C
  • Fri
  • 18°C
  • 13°C
  • Sat
  • 18°C
  • 12°C
  • Sun
  • 19°C
  • 12°C
  • Mon
  • 20°C
  • 14°C
  • Tue
  • 18°C
  • 14°C
  • Wed
  • 17°C
  • 13°C
  • Fri
  • 17°C
  • 7°C
  • Sat
  • 22°C
  • 9°C
  • Sun
  • 24°C
  • 9°C
  • Mon
  • 21°C
  • 11°C
  • Tue
  • 17°C
  • 10°C
  • Wed
  • 18°C
  • 8°C
  • Fri
  • 17°C
  • 9°C
  • Sat
  • 18°C
  • 11°C
  • Sun
  • 18°C
  • 12°C
  • Mon
  • 18°C
  • 12°C
  • Tue
  • 16°C
  • 11°C
  • Wed
  • 15°C
  • 11°C
  • Fri
  • 36°C
  • 15°C
  • Sat
  • 32°C
  • 16°C
  • Sun
  • 30°C
  • 15°C
  • Mon
  • 31°C
  • 17°C
  • Tue
  • 33°C
  • 17°C
  • Wed
  • 35°C
  • 16°C
  • Fri
  • 25°C
  • 9°C
  • Sat
  • 28°C
  • 8°C
  • Sun
  • 27°C
  • 14°C
  • Mon
  • 26°C
  • 15°C
  • Tue
  • 27°C
  • 12°C
  • Wed
  • 27°C
  • 10°C
  • Fri
  • 24°C
  • 13°C
  • Sat
  • 22°C
  • 13°C
  • Sun
  • 28°C
  • 14°C
  • Mon
  • 32°C
  • 14°C
  • Tue
  • 33°C
  • 14°C
  • Wed
  • 31°C
  • 16°C
  • Fri
  • 18°C
  • 10°C
  • Sat
  • 19°C
  • 8°C
  • Sun
  • 19°C
  • 10°C
  • Mon
  • 19°C
  • 12°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 17°C
  • 10°C

Junk! S&P downgrades SA credit rating to BB+

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

Picture: Supplied.

JOHANNESBURG – Standard & Poor’s (S&P) Global has just announced South Africa's sovereign credit rating has been downgraded to BB+.

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

Fears of a downgrade were raised last week already when President Jacob Zuma announced his Cabinet reshuffle in which Pravin Gordhan was axed as Finance minister.

Gordhan's deputy Mcebisi Jonas was also sacked.

Former ANC Youth League president Malusi Gigaba replaced Gordhan at the National Treasury.

In December last, S&P kept South Africa's credit rating unchanged at BBB-, just one level above junk status.

At 5:20pm the rand was trading at R13.52, before dropping sharply to trade at R13.56 just 10 minutes later.

Also in December last year, Moody's kept the country's rating two notches above junk on its scale.

(Edited by Masechaba Sefularo)

Comments

EWN 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 EWN community a safe and welcoming space for all.

EWN 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.

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

comments powered by Disqus