Government says it has noted Standard and Poor’s decision to South Africa’s Rating unchanged. Yesterday, S&P kept the country’s long term foreign currency debt rating at ‘BB’ and local currency debt rating at ‘BB+’ while maintaining the stable outlook. It noted economic growth that continues to remain well below its emerging market peers. The agency also says the country’s fiscal position remains weak. It pointed to fiscal deficits, debt, and contingent liabilities, largely tied to Eskom. Rating Analyst Saveshen Pillay says the S&P affirmation may encourage other rating agencies to follow suit.

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