JOHANNESBURG, Nov 23 (Reuters) - Ratings firm Fitch kept both South Africa’s local and foreign currency credit ratings unchanged at BB+, one notch below investment grade, with a stable outlook, the agency said on Thursday.
“The affirmation reflects that while a number of developments point to a weaker fiscal outlook and consequent faster pace of debt accumulation, potential fiscal consolidation measures after the ANC’s elective conference in December could mitigate those trends,” Fitch said in a statement.
In April, Fitch downgraded South Africa’s credit rating to sub-investment grade after President Jacob Zuma abruptly fired Pravin Gordhan as finance minister, saying it would likely result in a change in economic policy direction.
Moody’s and S&P Global Ratings are due to announce their decisions on Friday. (Reporting by Mfuneko Toyana; Editing by James Macharia)