Low growth and a growing debt burden are damaging SA’s public finances. Unless the government takes control of the deficit and embarks on sustained economic reform, the country’s debt is unlikely to stabilise.

This is the warning laid out in S&P Global Ratings’ latest review of SA. Released over the weekend, it affirms SA’s long-term foreign currency rating two notches deep into junk territory (BB), but cuts the outlook from "stable" to "negative".

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