SA set for more credit rating downgrades

Johannesburg – South Africa’s credit rating may be cut to just above junk by Fitch Ratings next month after Moody’s Investors Service lowered it yesterday, risking higher borrowing costs, Nomura International said.

Moody’s cited slower growth and rising debt levels as it reduced the nation’s rating one step to Baa2, the second-lowest investment grade.

That leaves Moody’s in line with Fitch and one notch above Standard & Poor’s.

Fitch, which reviews the country’s rating in December, has a negative outlook.

South Africa’s economy is set to grow this year at the slowest pace since 2009 amid labor strikes and a power shortage…

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