S&P downgrades South Africa’s credit rating to ‘junk’

Credit rating agency Standard and Poor’s (S&P) has downgraded South Africa’s rating to junk status, as the country’s currency continued to slide following a major cabinet reshuffle. In an unscheduled review that prompted a sell-off in South African assets, S&P on Monday cited the impact of divisions in the government of President Jacob Zuma that led…