Double blow as Moody’s and Fitch both lower SA’s ratings further into junk
The country has been pushed further into sub-investment grade.
Moody's has downgraded the country's credit rating one notch to BA2 and maintained a negative outlook.
Fitch has downgraded South Africa's credit rating from BB to BB- and with a negative outlook.
The two agencies have cited rising government debt, coupled with weak growth, the economic shock of the Covid-19 pandemic, and SAs weak fiscal position.
Analysts say the downgrading could see South Africa's borrowing costs increase.
Meanwhile, the third global ratings agency S&P Global has decided to keep its ratings unchanged at BB- for its foreign currency rating and BB for its local currency, both with a stable outlook.
More from Business

Happy 20th birthday, Wikipedia – last outpost of the 'utopian' web
Wikipedia – one of the last big websites where you are not a product sold to advertisers – has turned 20.
Read More
New laws force all restaurants to pay higher wages, and a host of other expenses
"It applies to everybody. You have no choice," says Jan Truter of Labour Wise. "It comes at the worst possible time."
Read More
6 trends that will drag us along in 2021 – life will never be the same again
The future is now different. The Money Show’s Bruce Whitfield interviews trends analyst Dion Chang, the founder of Flux Trends.
Read More
Alcohol ban: Consol, hanging by a thread, burns through millions to stay alive
It cannot stop its furnaces, so it must keep them going. Bruce Whitfield interviews Mike Arnold, CEO at Consol Glass.
Read More
Covid-19 vaccine: Government may have to milk bone-dry taxpayers some more
Treasury is mulling raising taxes, says Prof Adrian Saville, Chief Executive of Cannon Asset Managers.
Read More
Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
Retirement funds in SA are changing – new laws come into effect on 1 March 2021
Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.
Read More
Germany Covid-19 death rate now higher than US - considers 'mega lockdown'
Germany has squandered its early success in restricting Covid-19, laments Deutsche Welle Correspondent Chelsey Dulaney.
Read More
Wine industry runs out of storage due to ban - R1.5b's worth could be lost
A new harvest is imminent and there's no more space for unsold wine. We have the highest stock level ever - Vinpro's Rico Basson
Read More
Don't fall for promises of high returns from latest investment scam, warns FSCA
A new scam is surfacing on Facebook and WhatsApp groups. The masterminds are even using the FSP number of a legitimate company.
Read MoreMore from Politics

Covid-19 vaccine tax? 'Govt needs to tell the nation what the funding model is'
Human rights lawyer at Health Justice Initiative Fatima Hassan says the minister needs to answer questions from citizens.
Read More
'Detractors want to blame Eskom's woes on Cyril Ramaphosa'
Former Eskom CEO Brian Molefe implicated President Cyril Ramaphosa at the state capture commission of inquiry last week and his detractors have been milking it.
Read More
Over 18K megawatts offline due to planned and unplanned maintenance, says Eskom
Spokesperson Sikonathi Mantshantsha says machines break down without notice resulting in the latest bout of loadshedding.
Read More
DA wants alcohol ban urgently lifted after SAB cancels another R2.5bn investment
The Democratic Alliance (DA) says it's time for President Cyril Ramaphosa to end the economically crippling alcohol ban with immediate effect.
Read More
Cape Town wants SA govt to change the lockdown curfew to 11pm
The City of Cape Town has called on national government to push out the curfew under the current lockdown level 3 regulations.
Read More
Govt again 'letting poor down, badly, callously, obscenely' says John Maytham
John Maytham vents about temporarily disabled people having to stand in long queues and getting water cannons fired at them.
Read More
[VIDEOS] Police spray Sassa grant queue in Bellville with water cannons
Journalist Saawmiet Moos in Belville describes people queuing for Sassa social grants sprayed with police water cannons.
Read More
Ramaphosa: We've learned from the PPE scandal, vaccines will be better managed
ANC President Cyril Ramaphosa says SA's vaccine rollout will be better managed to avoid any possible exploitation by what he calls crooks.
Read More
'Eskom has again been grossly caught with their pants around their ankles'
Energy analyst Ted Blom says Eskom doesn't report the additional shedding of VLS clients totaling an over 4000-megawatt shortfall.
Read More
Can you get a new South African passport right now?
W Cape Home Affairs' Sam Plaatjies says no, but the department has the discretion to renew passports on a case-by-case basis.
Read More