Africa's most developed economy has just racked up its third finance minister in five days, raising fears among economists that the country's political and economic problems could see the country's credit rating diving into "junk" territory.
As of December, Standard & Poor's (S&P) and Fitch Ratings rate South Africa's credit worthiness at just one notch above junk status, at BBB-minus. Moody's Investors Service rated it one degree higher than its rivals, at Baa2 (equivalent to BBB.)
Analysts at private bank Brown Brothers Harriman (BBH) and emerging markets (EM) specialist, Renaissance Capital, forecast South Africa's rating will be cut further in 2016, hitting the country's economic status as it will find it more and more expensive to raise money.
"We reiterate our long-standing call that the nation gets cut to sub-investment grade, and now it's likely sooner rather than later… We think a downgrade is a done deal," BBH said in a report on Friday.