Fitch cuts S. Africa's credit rating to 'junk'
World BusinessApr 7, 2017
JOHANNESBURG (AFP) -- 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, ano