Ratings agency Fitch downgraded South Africa to non-investment grade today (Friday, April 7).

It is the second ratings agency to downgrade South Africa.

Only two ratings agencies need to downgrade a country for it to officially fall under junk status.

Standard & Poor’s (S&P) downgraded South Africa to BB+ (junk status) on Monday evening, following President Jacob Zuma’s reshuffle of cabinet last Thursday, which also saw the removal of Pravin Gordhan as finance minister.

While S&P’s outlook was negative, Fitch retained the outlook at stable.

The other rating agency – Moody’s – has South Africa two notches above junk status.

Read more:

Fitch Downgrades South Africa to ‘BB+’; Outlook Stable

And another ratings agency (Fitch) downgrades South Africa to junk. #FreedomFriday

— OUTA (@OUTASA) April 7, 2017

JUST IN: Fitch slaps SA with #JunkStatus. https://t.co/Zgv0FW5GZm

— 702 (@Radio702) April 7, 2017