Ratings agency Fitch said on Tuesday the risk of a downgrade to South Africa's sovereign rating was increasing.
In June, Fitch confirmed its BBB rating for South Africa with a negative outlook.
"Since we put South Africa on a negative outlook in December 2014, the news flow has largely been negative," said Carmen Altenkirch, director at Fitch Ratings speaking at a conference in London.
The only bright spot being the improvement in current account, she said.
"(However), given how much the rand has depreciated particularly against the dollar we would have expected perhaps a more significant rebound in exports," she added. "On balance, I would think that the risk of a downgrade is increasing."