The RMB/BER Business Confidence Index (BCI) essentially flat lined at 34 in the fourth quarter. While this is an improvement on the seven and a half-year low of 29 in the second quarter, sentiment clearly remained depressed. The poll was therefore finalised ahead of Standard & Poor’s decision to downgrade South Africa’s local currency credit rating to speculative grade, as well as before Black Friday. RMB Chief Economist, Ettienne le Roux joins CNBC Africa for more.