JOHANNESBURG - The problems facing South Africa’s economy continue to increase.
Fitch Ratings has revised the outlook on the country’s big five banks downwards from stable to negative.
Just last week, the ratings agency revised the country's sovereign debt outlook.
Fitch says the big five banks including Standard and Nedbank cannot be rated above the country's debt.
The ratings agency says the banks have significant exposure to government securities and lending to the public sector.
The government's debt to GDP has continued to increase, Moody's expects it to reach 61 percent of GDP in the next year.
This increases the risk of a credit-rating downgrade.
Moody's is the last of the three major ratings agencies that still have the country's debt at investment grade.