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YOUNG YOU| Credit ratings

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Fitch Ratings is one of two credit-rating agences that recently announced South Africa would be downgraded for the second time this year. (Photo: Getty Images/Gallo Images)
Fitch Ratings is one of two credit-rating agences that recently announced South Africa would be downgraded for the second time this year. (Photo: Getty Images/Gallo Images)

Two of the world’s top credit-rating agencies recently announced that South Africa would be downgraded for the second time this year.  

Moody’s Investors Service and Fitch Ratings have now put SA two notches below investment grade status. A third large agency, S&P Global Ratings, kept its rating of SA unchanged. 

But what do these ratings mean, and how are they decided? 

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