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South Africa's credit rating downgraded to junk by S&P
April 3, 2017 / 4:06 PM / 8 months ago

South Africa's credit rating downgraded to junk by S&P

JOHANNESBURG, April 3 (Reuters) - SP Global Ratings downgraded South Africa’s sovereign credit rating to BB+ from BBB- grade on Monday, saying that the recent firing of the internationally respected finance minister posed a risk fiscal policy.

The rand fell by as much 2 percent to the dollar in response to the news of the downgrade, while government bonds also weakened sharply.

Reporting by Mfuneko Toyana; Editing by James Macharia

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