Fitch Rating agency has downgraded the country's long-term foreign and local debt. The latest move by Fitch takes both South Africa's foreign and domestic denominated rating to sub-investment grade, also termed junk. The agency has cited recent political events, including last week's cabinet reshuffle, adding that it's concerned that governance standards look set to weaken, along with public finances. The move follows S&P's downgrading of the country's sovereign credit rating to junk on Monday. With two ratings agencies having downgraded the country's bonds to junk, it increases the likehood that some international asset managers will pull out of SA bonds as they are not mandated to invest in sub-investment capital assets. Following the news, the rand is fairly stable hovering around 13.75 against the US dollar.

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