Economics
S. Africa Gets Reprieve From Junk as S&P Keeps Rating Unchanged
- Negative outlook signals continued risk of credit downgrade
- Gross domestic product to expand 0.6% in this year, S&P says
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South Africa got a reprieve from a junk credit rating as S&P Global Ratings warned it could cut the nation’s debt assessment if the economy doesn’t recover.
The foreign-currency rating was kept at BBB-, one level above junk, and the local-currency rating was affirmed at BBB+, S&P said in a statement on Friday. The outlook on the rating was kept at negative. The rating affirmation keeps South Africa on the same level as India and Italy.