Fitch says it downgrades South Africa to BB+, outlook Stable

US ratings agency Fitch out with their thoughts on developments in SA
– Cabinet reshuffle is likely to result in a change of direction in economic policy
– downgrade of long-term IDRS reflects Fitch view that recent political events will weaken standards of governance and public finances
Second agency this week to downgrade sovereign debt to junk following last week’s sacking of fin min Gordhan.