Fitch and S&P Global Ratings in 2017 downgraded South Africa's ratings to non-investment grade with Moody's the only big rating agency that still has the country at investment grade. Investec economist Kamila Kaplan said: "The deterioration in economic performance, revenue shortfalls, the sizeable wage bill and budget support for state-owned enterprises (especially Eskom) have impacted negatively on fiscal metrics," Kaplan said. "As such, South Africa remains vulnerable to a sovereign credit rating downgrade by Moody's to non-investment grade."