Fitch keeps South Africa’s sovereign rating at BBB-, cuts outlook to negative

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause
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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)

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