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Treasury notes Fitch downgrade, commits to work towards recovery

Fitch has downgraded South Africa's credit rating to BB from BB+, while also assigning a negative outlook.

Picture: Supplied.

JOHANNESBURG – The treasury said it noted Fitch’s decision to lower the country's long term foreign and local currency debt ratings further into junk status, but says it is committed to implementing structural economic reforms.

Fitch has downgraded South Africa's credit rating to BB from BB+, while also assigning a negative outlook.

The treasury said its working to address weak economic growth and ailing state-owned companies.

It's also noted the implementation of measures announced by President Cyril Ramaphosa to contain the coronavirus to help the battling economy.

The downgrade comes just a week after Moody's became the last major ratings agency to place the country into junk status.

It also cited concerns about growth and the effects of the virus.

The move by Fitch also came as the local currency plummeted through 19 rand to the dollar.