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Fitch affirms SA’s rating at BB+ with stable outlook

It’s the third major agency to keep its rating unchanged with Fitch and S&P Global keeping South Africa at sub-investment grade.

Picture: Supplied.

JOHANNESBURG - Fitch Ratings has affirmed South Africa’s rating at BB+ with a stable outlook.

It’s the third major agency to keep its rating unchanged with Fitch and S&P Global keeping South Africa at sub-investment grade.

Moody’s has the country in positive territory.

Fitch says South Africa's ratings are weighed down by low growth potential, sizeable government debt and contingent liabilities.

It says the country's ratings are also weighed down by the risk of rising social tensions due to extremely high inequality.

But South Africa’s ratings are supported by strong institutions, favourable government debt structures, deep local capital markets and a healthy banking sector.

However, Fitch says the weak financial condition of state-owned enterprises constitutes a significant fiscal risk.

Added to this, the credit rating agency says high private-sector short-term borrowing is also a source of external risk.

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