CAPE TOWN - Four listed insurers have become the latest victims of the credit rating downgrades.
Standard and Poor's (S&P) Global was the first to downgrade South Africa to sub-investment grade following President Jacob Zuma's midnight Cabinet reshuffle.
Fitch did the same shortly afterwards.
Since then, the ratings of major banks have also been marked down.
Old Mutual Life Assurance Company of South Africa, Sanlam, Santam and Liberty have been moved down the ratings scale in S&P Global's latest move.
However, all remain above junk status.
Some of the biggest banks like ABSA, Nedbank and First Rand Bank have also not been spared the axe with both Fitch and S&P's Global aligning their ratings.
Together with MTN, Fitch also downgraded state-owned entities Eskom and Transnet to junk status on Tuesday, while assigning a negative outlook to Telkom, which is still one notch above sub-investment.
Moody's has yet to make a decision on whether it will follow the downgrade trend.
(Edited by Shimoney Regter)