Fitch Ratings has announced the downgrade of South Africa to sub investment grade or junk status. It changed its rating to 'BB+' from 'BBB-', with the outlook stable. The ratings agency says that the recent Cabinet reshuffle is likely to result in a change in the direction of economic policy. This comes after S&P earlier this week downgraded South Africa, citing political instability. Downgrades to junk from the two agencies could see South Africa drop out of some widely used global bond indexes. It could also force international funds which track them or which are prohibited from holding sub-investment grade securities to sell.
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