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Standard & Poor's rates SA as stable

Standard and Poor's has affirmed the long and short term foreign currency credit ratings for South Africa.

Standard and Poor's logo. Picture: Facebook.

JOHANNESBURG - Standard and Poor's has affirmed the long and short term foreign currency credit ratings for South Africa.

The rating's agency says the outlook is stable.

Last month, Moody's Ratings Agency downgraded South Africa's investment grade credit ratings to Baa2 from Baa1 and adjusted the outlook to stable from negative.

Moody's decision keeps South Africa's rating in investment grade.

The ratings agency said the investment grade rating is a reflection of the following factors:

Its position as the most developed country in Africa, offering by far the deepest capital market and one of the most sophisticated financial systems among emerging markets.

An economy that has a diversified productive base, with substantial value-added factors from domestic sources, highly advanced infrastructure compared with most other emerging markets.

Its institutions, most notably its judiciary, that are stronger than many of its peers.

On Thursday the rand fell to a new six-year low against the dollar hitting 11,59, it's lowest level since 2008.

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