Picture: ISTOCK
Picture: ISTOCK

SA has been sliding towards an all-round junk credit rating for the past two years. Slow growth, high unemployment, toxic politics, uncertain or outright harmful policy choices, and rampant corruption in the entities government funds are among the reasons.

The pace of the deterioration picked up in 2017.

Here is how it happened, and a look at what it means:

S&P Global’s annual credit conference in Johannesburg

Shock cabinet reshuffle tipped SA over the edge of the investment-grade cliff

It is important for Gigaba to be available to answer questions, of which there are many

ANC lacked a common understanding of the fiscal implications of a sovereign credit downgrade

SA fell off the investment-grade cliff into junk territory

SA faces the prospect of junk credit ratings from all three ratings agencies in 2018

Moody’s gradually coming to the conclusion that it could no longer give SA the benefit of the doubt

S&P Global Ratings opted not to wait