Fitch trims South Africa

Fitch Ratings said it downgraded South Africa’s long-term foreign-currency issuer default rating to BB- from BB. The outlook is negative.

“The downgrade and negative outlook reflect high and rising government debt, exacerbated by the economic shock triggered by the Covid-19 pandemic. The very low trend growth and exceptionally high inequality will continue to complicate fiscal consolidation efforts,” Fitch said in a press release.

Fitch said it forecasts the country’s GDP levels to be below 2019 even in 2022.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.