JOHANNESBURG (Reuters) – S&P Global Ratings kept South Africa’s foreign-currency and local-currency credit ratings at below investment grade on Friday.
“Anaemic economic growth in 2018 and sizable contingent liabilities continue to weigh on South Africa’s fiscal prospects and debt burden,” S&P said, adding that it had a “stable” outlook on the ratings.
The long-term foreign-currency rating stayed at ‘BB’, while the local-currency rating stayed at ‘BB+’.
S&P and Fitch rate South Africa in “junk” status, driving its cost of borrowing higher.
Reporting by Alexander Winning; Editing by Andrew Heavens