Both S&P Global and Fitch Ratings left their long-term sovereign credit ratings for SA unchanged at BB-, three levels below investment grade, retaining their stable and negative outlooks respectively.

S&P, which has not changed its assessment of SA’s debt since April 2020, said in a scheduled report published late on Friday that the nation’s credible central bank, flexible exchange rate and deep capital markets should counterbalance low economic growth and fiscal pressures. S&P’s comments come after Moody’s Investors Service, which rates SA one notch higher, said on May 18 that SA was at risk of a further downgrade should economic growth remain weak as the high interest rates the government was borrowing at meant debt levels would continue to rise...

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