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Just as the market expected, SA received another reprieve from S&P Global Ratings late on Friday night. S&P kept the rand-denominated debt rating at BB+, the first notch of sub-investment grade, and the foreign currency rating at BB, two notches below investment grade. The credit ratings agency said in a statement that “anaemic economic growth in 2018 and sizable contingent liabilities continue to weigh on SA’s fiscal prospects and debt burden”. Despite this, it said, the government is pursuing a series of economic reforms that should help boost the economy from 2019, “despite structural impediments, chronic skills shortages, and high unemployment”. SA plunged into recession for the first time since the global financial crisis in the first half of the year. While this will weigh on growth in 2018, S&P said government’s commitment to reforms and the economic stimulus package announced by President Cyril Ramaphosa at the end of September “will boost investor confidence, investment, an...

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