In April, Fitch downgraded South Africa's credit rating to sub-investment grade after Zuma abruptly fired Pravin Gordhan as finance minister, saying it would likely result in a change in economic policy direction.
It added that SA maintained credit strengths that supported its current rating including deep domestic financial markets and a well-capitalised banking sector; a strong macroeconomic framework; and low foreign currency debt as well as strict adherence to the constitution.
Business Leadership South Africa (BLSA) says there needs to be an urgent commitment to the broader economic crisis to avoid more downgrades.
But it said that the rating could come under further pressure if standards of public governance slipped, such as more perceived attacks on the South African Reserve Bank's independence.
Meanwhile, ratings agency Moody's has chose to keep its rating unchanged and says it will wait until the ANC elective conference next month and the budget in February next year.
The review period is expected to conclude by the 2018 budget in February. This will allow it to factor in the outcome of the ANC conference.
This has left the ZAR exchange rate now vying with the New Zealand Dollar to be the worst-performing major currency in the 2nd half of 2017, with political turbulence, high public debt and low business confidence leaving the Rand floundering. But this has now also been downgraded to non-investment grade.
The EuroSouth African Rand (EUR ZAR) exchange rate climbed today as markets reacted to a run of mostly upbeat Eurozone data releases and decelerating South African inflation.
Moody's opted to keep both the country's foreign- and local-currency ratings on Baa3, its lowest investment grade ranking, but put them on review for possible downgrade.
South African debt has already been dropped from one of the widely used global bond indexes, the JPMorgan Emerging Market Bond Index Global according to Matthews.
Kristian Rouz - South Africa is ready to implement fiscal reforms in its next year's budget after the global rating agency S&P cut its local currency debt rating further into "junk". Importantly: "it reduces the money available for housing, education, healthcare and social grants".
In a statement on Friday‚ Moody's said: "The decision to place the rating on review for downgrade was prompted by a series of recent developments which suggest that SA's economic and fiscal challenges are more pronounced than Moody's had previously assumed".
Zuma is accused of enriching a new corrupt elite rather than helping the poverty-stricken black majority.
The Guardian reports Tom Baker has donned his iconic scarf once more to film a "lost" episode of the BBC TV show from 1979. Despite attempts by new Doctor Who producer John Nathan-Turner to resume the episodes-scheduled to air January 19-Feb.
From BOGO video game sales to pre-order specials, we're covering it all in the hopes of saving you some money this holiday season. The PS4 gaming console's manufacturer suggested retail price was $299.99, so you'll save a $100 direct discount on the console.
Frost is in his second season with the Knights, who are ranked 15th in the latest College Football Playoff rankings. He's also made stops at FCS program Northern Iowa and OR before taking over at UCF in 2016.
Mehbooba's predecessor and opposition National Conference leader Omar Abdullah termed the incident as tragic and reprehensible. In May, Lt Umar Fayaz was killed in the same area after militants kidnapped him from a marriage party in Kulgam district.
Despite Mourinho's interest in PSG , however serious it might be, United still has a contract option that can extend until 2020. Though, Jose Mourinho has been criticised in recent weeks for his defensive style of football. " I love Mourinho.
Centrica ( LON:CNA ) continued its losing streak after closing 15% down yesterday as shares fell a further 1.9%. The stock of Cineworld Group plc (LON:CINE) has "Buy" rating given on Tuesday, November 24 by Investec.
In Karachi, groups of people gathered at three crucial venues blocking streets in protest against the police action in Islamabad. In Lahore, an unruly mob torched a vehicle and damaged others with stoning and staged sit-ins at four key areas in the city.
Before the conversation, Mr Trump had said he was working to tackle a problem in the Middle East that he had "inherited". He then had to take the path of Mar-a-Lago (Palm Beach) to discuss "economy and job creation in the United States".
12 dead in hotel fire — Georgia
Prime Minister Giorgi Kvirikashvili and other government officials arrived in Batumi at about midnight. Earlier, officials said 12 people had died.
Facebook to expose Russian fake news pages
Petersburg to the spread of misinformation, aimed at splitting the American society before the presidential elections. As many as 126 million people could have been served posts on Facebook and 20 million on Instagram, the company says.
Kylie Jenner 'Won't Confirm Pregnancy Until Baby Arrives'
This news follows reports that Kris Jenner had accidently confirmed that Kylie and Khloe Kardashian were pregnant on Instagram. Kylie and the gang shared a series of photos and videos on Snapchat documenting their fun night at the youngest Jenner's home.
PDP's Position on Atiku's departure from APC
But more importantly, the party we put in place has failed and continues to fail our people, especially our young people. Atiku on Friday morning announced his defection from the All Progressives Congress (APC).