Downgrade: The immediate consequences for South Africans

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Cape Town – It’s crucial that investors and South African citizens remain calm and make informed choices, following the recent downgrade of South Africa’s sovereign credit ratings downgrade, said Kirk Swart and Brett Birkenstock of Overberg Asset Management. 

In the first week of April, Standard & Poor (S&P) Global Ratings and Fitch Ratings both downgraded South Africa to sub-investment grade, also known as junk status. 

The two ratings agencies both cited President Jacob Zuma’s decision to reshuffle his Cabinet as the main reason for their decisions, fearing that the move could signal a change in policy direction. 

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