Fitch downgrades SA outlook

Fitch downgrades SA outlook: Fin24: Economy

Fitch downgrades SA outlook

Johannesburg - Fitch cut South Africa’s rating outlook to negative from stable on Friday, saying it had seen limited progress on several long-standing structural issues that have over time caused the country’s economic performance to fall behind its peers.

The rand fell 1.5% against the dollar after the move, while South Africa’s 5-year credit default swaps rose 10 basis points.

Fitch, which has a BBB+ rating on South Africa, said the country’s inability to create jobs, with an unemployment rate of around 25%, was putting pressure on growth and narrowing the tax base.

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