Fitch keeps South Africa’s sovereign rating at BBB-, cuts outlook to negative

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Fitch keeps South Africa’s sovereign rating at BBB-, cuts outlook to negative

9:01 CAT | 25 Nov 2016

Reuters (File photo) / The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016.

Ratings agency Fitch affirmed South Africa’s investment grade credit rating at one notch above sub-investment on Friday but changed the outlook to negative from stable.

Fitch said in a statement that the economy of Africa’s most industrialised country may have started to recover but political risks remained.

With the economy expected to grow by only half a percent this year, South Africa has been racing to avert a sovereign rating downgrade to “junk” status that would raise its borrowing costs and deter investment.

Source: Reuters