S&P reshuffles South Africa's credit rating to junk

Standard & Poor’s global has just announced South Africa's sovereign credit rating has been downgraded to double B plus.

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.

Analysis from Economist Thabi Leoka:

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