November 24, 2017 / 9:41 PM / a year ago

S&P downgrades South Africa's local currency debt to "junk" status

JOHANNESBURG, Nov 24 (Reuters) - S&P Global Ratings downgraded South African local currency debt to “junk” territory on Friday, citing a further deterioration in the country’s economic outlook and public finances.

The agency lowered the long-term local currency sovereign credit rating to ‘BB+’ from ‘BBB-‘, and also cut the long-term foreign currency rating deeper into sub-investment grade territory, lowering it to ‘BB’ from ‘BB+’. (Reporting by Olivia Kumwenda-Mtambo; Editing by Hugh Lawson)

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