South Africa’s credit rating downgraded to one level above junk status

Two of the world’s credit ratings agencies announced the outcome of their review of South Africa’s financial outlook on Friday.

Both Fitch and Standard and Poor's downgraded South Africa one level above junk -at BBB minus and have kept the rating unchanged.

Annabel Bishop, Economist at Investec spoke to Ray White about the ratings and what it means for South Africans.

It is not terribly detrimental yet but it can have a negative effect on the country’s borrowing costs.

Annabel Bishop, Economist at Investec

Listen to the full conversation below:

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