Fitch affirms South Africa

Fitch Ratings said it affirmed all of South Africa's sovereign ratings, including its long-term foreign-currency issuer default rating at BBB+, long-term local-currency issuer default rating at A and short-term foreign-currency issuer default rating at F2.

The outlooks remain negative.

South Africa is weathering the global recession and credit crunch quite well compared to its rating peers, Fitch said. Political risk also has eased since April's smooth transfer of power to President Zuma, the agency said.

However, the post-election political landscape and its implications for policy are still unfolding at a time when the budget deficit is rising sharply and the current account deficit remains large, the agency said.

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