"ANC factional battles may undermine government efforts to improve the governance of SOEs" Fitch Ratings-Hong Kong-25 November 2016: Fitch Ratings has revised the Outlooks on South Africa's Outlook to Negative from Stable, while affirming the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB-'.The issue ratings on South Africa's senior unsecured long-term foreign- and local-currency bonds have also been affirmed at 'BBB-'. The Country Ceiling has been affirmed at 'BBB'. The Short-Term Foreign and Local Currency IDRs and the issue ratings on senior unsecured short-term local currency securities have been affirmed at 'F3'. The rating on the RSA Sukuk No. 1 Trust has also been affirmed at 'BBB-', in line with South Africa's Long-Term Foreign Currency IDR. KEY RATING DRIVERS The revision of the Outlooks on South Africa's Long-Term IDRs to Negative reflects the following key rating drivers:Political risks to standards of governance and policy-making have increase...

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