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Fitch, S&P downgrade South Africa's bond rating and outlook
Fitch, S&P downgrade South Africa's bond rating and outlook

Two global agencies downgraded South Africa’s bond rating and outlook on Friday as the country's economy suffers through a crippling 5-month-old strike by platinum miners. Fitch ratings agency downgraded the country’s outlook from stable to negative, though it kept the credit rating at BBB. Hours later, Standard & Poor’s downgraded South Africa’s rating from BBB to BBB-, edging its bonds dangerously close to junk level. A statement by Fitch said increased strike activity, high wage demands and poor electrical service were limiting South Africa’s economic growth. The agencies' decisions also were attributed to the nation's increasing...

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