June 2, 2017 / 3:57 PM / 4 months ago

BRIEF-S&P says South Africa ratings affirmed; outlook remains negative

June 2 (Reuters) - S&P Global Ratings:

* South Africa ratings affirmed; outlook remains negative

* S&P on South Africa - affirming ‘BB+/B’ foreign currency, ‘BBB-/A-3’ local currency, and zaAA-/zaA-1 national scale ratings on South Africa.

* says pace of economic growth remains weak, posing risks to pace of fiscal consolidation, with rising contingent liabilities

* negative outlook on foreign and local currency ratings reflects view that political risks will remain elevated this year

* South Africa faces reduced predictability of future policy responses, due to moderate risk of challenges to political institutions

* consider South Africa's monetary flexibility, and its track record in achieving price stability, to be important credit strengths Source text (bit.ly/2sxupbR)

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