Cape Town – Moody’s has downgraded the credit ratings of South Africa’s top five banks, three development finance institutions, certain City Power and Sanral credit ratings, and 10 regional and local governments.



The downgrades follow “the weakening of the South African government's credit profile”, it said in a statement on Monday after the markets closed.

On Friday, rating agency Moody’s downgraded both South Africa's local and foreign currency rating to Baa3 from Baa2 and maintained a negative outlook.