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BRIEF-S&P says South Africa ratings lowered on weakening economic, fiscal trajectory
November 24, 2017 / 9:29 PM / 22 days ago

BRIEF-S&P says South Africa ratings lowered on weakening economic, fiscal trajectory

Nov 24 (Reuters) - S&P Global Ratings:

* S&P says South Africa ratings lowered on weakening economic and fiscal trajectory; outlook stable

* S&P lowers South Africa’s sovereign credit rating to BB from BB+; raises outlook to stable from negative

* S&P says weak GDP growth has led to further deterioration of South Africa’s public finances beyond previous expectations​

* S&P says also lowered long-term South Africa national scale rating to ‘ZaAA+’ from ‘ZaAAA’, affirmed short-term national scale rating at ‘ZaA-1+’

* S&P says the outlook on both South Africa‘s​ foreign currency and local currency ratings is stable

* S&P says South Africa’s long-term local currency sovereign credit rating was lowered to ‘BB+’ from ‘BBB-’

* S&P says South Africa’s short-term local currency sovereign credit rating was lowered to ‘B’ from ‘A-3​

* S&P says South Africa ratings constrained by weak pace of economic growth, increasingly limited fiscal flexibility, with high, rising stock of government debt

* S&P says it thinks South Africa will attempt to introduce offsetting measures in effort to improve budgetary outcomes

* S&P says it thinks South Africa's offsetting measures may not be strong enough to stabilize public finances, may weaken economic growth further in near term‍​ Source text: bit.ly/2AuVG6I

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