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Fitch holds SA currency debt ratings at BB+ with negative outlook

The ratings agency said that the country's ratings were constrained by low growth potential, high and rising government debt, large contingent liabilities as well as the risk of rising social tensions due to extremely high inequality.

Picture: Supplied.

JOHANNESBURG - Fitch has maintained South Africa's long-term foreign and local currency debt ratings at BB+ with a negative outlook.

The ratings agency said that the country's ratings were constrained by low growth potential, high and rising government debt, large contingent liabilities as well as the risk of rising social tensions due to extremely high inequality.

It said that the negative outlook reflected uncertainty about government's ability to stabilise public debt over the medium term.

The agency has, however, acknowledged government's plans to stabilise its finances in order to achieve a balanced primary budget balance.

Government said that it had noted Fitch's decision.

It said that it remained committed to stabilising and improving its fiscal position.

Treasury's Jim Matsemela: "It really is in line with what Moody's and S&P's has highlighted and really reflects the uncertainties. We as government are really committed to stabilisation and improvement of the fiscal position."

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