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S&P lowers South Africa's credit rating by one notch
November 24, 2017 / 10:17 PM / 16 days ago

S&P lowers South Africa's credit rating by one notch

(Reuters) - S&P Global Ratings on Friday lowered South Africa’s credit rating to ‘BB’ from ‘BB+', citing the country’s “weakening” economic and fiscal trajectory.

FILE PHOTO: A view shows the Standard & Poor's building in New York's financial district February 5, 2013. REUTERS/Brendan McDermid

S&P lowered its long-term foreign currency sovereign credit rating on South Africa by one notch and affirmed short-term foreign currency sovereign credit rating at ‘B’.

“South Africa’s economy has stagnated and external competitiveness has eroded,” the ratings agency said.

This is because the country's economic decisions in recent years have largely focused on the distribution of its national income, instead of its growth, S&P said. (bit.ly/2mZaMeR)

The outlook on both the foreign currency and local currency ratings is stable.

Reporting by Pushkala Aripaka in Bengaluru; Editing by Maju Samuel

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