JOHANNESBURG (Reuters) – Ratings agency Fitch affirmed South Africa’s investment grade credit rating at one notch above sub-investment on Friday but changed the outlook to negative from stable.
Fitch said in a statement that the economy of Africa’s most industrialised country may have started to recover but political risks remained.
With the economy expected to grow by only half a percent this year, South Africa has been racing to avert a sovereign rating downgrade to “junk” status that would raise its borrowing costs and deter investment.
(Reporting by Mfuneko Toyana; Writing by James Macharia; Editing by Hugh Lawson)
