Ratings agency Standard and Poor's has downgraded South Africa to junk status

Ratings agency Standard and Poor's has downgraded South Africa to junk status. The rating change follows a Cabinet reshuffle that saw finance minister Pravin Gordhan and his deputy Mcebisi Jonas removed from the Treasury. S&P held an emergency meeting over the weekend after perceptions were created that the move was intended to push through a one-trillion rand nuclear deal and to bail out entities like the South African Broadcasting Corporation and South African Airways. The move weakened the rand against major currencies. In December, S&P kept the country's sovereign credit rating at one notch above junk status. To find out more on this, Siphumelele Zondi spoke to Economist Mike Schussler ........