November 24, 2017 / 9:56 PM / 2 years ago

Moody's places South Africa on review for downgrade

JOHANNESBURG, Nov 24 (Reuters) - Ratings agency Moody’s on Friday decided against downgrading South African debt to sub-investment grade, instead putting the rating on review for a possible downgrade if the economy continued to weaken.

Moody’s rates the country’s foreign and local currency debt on their lowest investment grade rung of Baa3.

It said in a statement that the fiscal and economic risks faced by the country were more pronounced than initially assumed. (Reporting by Mfuneko Toyana; Editing by Hugh Lawson)

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