Fitch Cuts South Africa's Credit Rating To Junk

Fitch Ratings on Friday cut its ratings on both South Africa's foreign- and local-currency debt to junk, leaving Moody's Investors Service as the only major ratings firm with an investment-grade rating on the country's debt. South Africa's currency, the rand, fluctuated between gains and losses after the decision. It recently traded at 13.79 to the dollar, little-changed from its late-Thursday level. Earlier in the week, S&P Global Market Intelligence cut its rating on the country's foreign-currency debt to junk. The country's currency, stocks and bonds sold off dramatically after President Jacob Zuma late last week fired respected Finance Minister Pravin Gordhan.