JOHANNESBURG Dec 2 Standard & Poor's downgraded
South Africa's local debt by one notch to BBB on Friday but kept
the country's sovereign credit rating unchanged at BBB-, one
level above "junk" status, while saying the economy was still
S&P retained its negative outlook on the sovereign
unchanged, it said in a statement. The rand gained more than 1.5
percent against the dollar after the ratings release.
About 90 percent of South Africa's 2.4 trillion rand ($173
billion) debt is held in local currency, and the cut could see
the country fall out of global bond indices, preventing
institutional investors from buying its debt.
($1 = 13.9158 rand)
(Reporting by Mfuneko Toyana; Writing by James Macharia;
Editing by Catherine Evans)