National Treasury has called the latest decision by Fitch Ratings agency to downgrade South Africa's credit rating a setback.
The agency announced this afternoon that it has downgraded the country's long-term foreign and domestic debt to BB+, from BBB-, effectively taking the country's status to junk. This follows S&P's move earlier this week, which also downgraded our foreign debt to junk.
Financial stocks have lost billions in value on the Johannesburg Stock Exchange following the S&P rating and the rand has lost value, as investors sold off South African bonds.
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