S&P announced on Friday (24/11/2017) at 23:00 that it has downgraded South Africa’s long-term local currency rating to BB+ and South Africa’s long-term foreign currency to BB. The BB+ ratings means that South Africa is one step closer to becoming junk status.

Moody’s further announced that it has placed South Africa’s long-term issuer as well senior unsecured bond rating to Baa3

Here is a guide that shows the rating agencies scale :