Fitch downgrades South Africa to 'BBB'; outlook stable

NEW YORK Thu Jan 10, 2013 12:25pm EST

NEW YORK Jan 10 (Reuters) - Fitch Ratings on Thursday cut South Africa's sovereign credit rating to BBB from BBB-plus, citing rising social and political tensions and the inability of the government to implement effective reforms.

The decision by Fitch comes in the wake of similar moves by rival agencies Moody's Investors Service and Standard & Poor's last year.

"Economic growth performance and prospects have deteriorated, affecting the public finances and exacerbating social and political tensions," Fitch said in a statement.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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