Fitch revises SA outlook to negative, affirms BB+ rating

Fitch said South Africa's outlook revision reflects a marked widening in the budget deficit as a result of lower GDP growth and increased spending.

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JOHANNESBURG - Ratings agency Fitch on Friday revised its outlook for South Africa to negative but has affirmed its rating at BB+.

It said it had revised its outlook on South Africa's long-term foreign-currency rating to negative from stable.

Fitch said South Africa's outlook revision reflected a marked widening in the budget deficit as a result of a lower GDP growth and increased spending.

Moody's was the only agency of the big three that has South Africa in positive territory.