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SA avoids junk status as S&P leaves rating unchanged

Credit rating agency S&P Global has joined Moody’s and Fitch in keeping their ratings unchanged.

A Standard & Poor's document. Picture: AFP

JOHANNESBURG - Rating Agency S&P Global has kept its rating unchanged at BBB- keeping the country above junk status.

The agency had warned earlier in 2016 that political divisions and problems with state owned entities needed to be addressed.

S&P Global says the outlook reflects the potentially adverse consequences of persistently low GDP growth.

It says this is measured at 0.5% for this year and 1.7% for 2017.

S&P Global has also cited a number of other problems including high political tensions.

It also says real export growth is likely to be slow over 2016-2019 on persistent supply side constraints due to production.

The agency had warned earlier in 2016 that political divisions and problems with state owned entities needed to be addressed.

However, it has joined Moody’s and Fitch in keeping their ratings unchanged.

At the same time, Treasury has welcomed S&P Global’s decision to keep South Africa’s rating unchanged.

In a statement Treasury says all three rating agencies have retained South Africa at investment grade.

Standard and Poor’s has lowered its long-term local currency rating on South Africa to BBB but has affirmed all other ratings.

(Edited by Winnie Theletsane)