South Africa Credit Rating Cut to BBB- by S&P on Weak Growth

South Africa’s credit rating was cut to one level above junk by Standard & Poor’s as the longest mining strike in the nation’s history threatens to drag the economy into recession.

The foreign-currency rating was lowered to BBB- from BBB and the local-currency rating was reduced to BBB+ from A-, S&P said in a statement today. The outlook on the ratings were raised to stable from negative. Fitch Ratings earlier today lowered the outlook on its BBB grading to negative from stable.