April 7, 2017 / 1:23 PM / a year ago

South Africa to maintain expenditure ceiling, Treasury says after Fitch downgrade

JOHANNESBURG, April 7 (Reuters) - South Africa remains committed to maintaining its expenditure ceiling and stabilising debt, the Treasury said on Friday, after Fitch downgraded the country to sub-investment grade.

Fitch downgraded South Africa’s foreign and local currency debt to speculative grade, while S&P Global Ratings on Monday cut the hard currency borrowing to “junk”. Both cited likely changes in economic policy after a cabinet reshuffle. (Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia)

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