S&P downgrades South Africa’s outlook to negative

A view shows the Standard & Poor’s building in New York’s financial district February 5, 2013. REUTERS/Brendan McDermid

(Reuters) – S&P Global on Friday downgraded bit.ly/2D8LTm3 its outlook for South Africa’s credit rating to negative and said low GDP growth and growing debt burden were hurting the country’s fiscal metrics.

South Africa is already ranked at sub-investment grade by both S&P and Fitch Ratings, while the last of the three main ratings firms, Moody’s, has left it teetering on the edge of “junk” status.

Last month, S&P’s South Africa analyst said there was no immediate pressure to change the country’s sovereign rating, despite weak economic growth and a growing debt burden.

Reporting by Anuron Kumar Mitra in Bengaluru and Emma Rumney in Johannesburg; Editing by Arun Koyyur

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