Moody’s revises South Africa to negative

Moody's Investors Service said it affirmed South Africa's Baa2 government issuer ratings and changed the outlook to negative from stable.

Moody’s said the outlook change rests on two main drivers: (a) Increased probability that growth will remain low for a prolonged period of time due to the structural challenges facing the mining industry and other sectors of the economy; and (b) rising risk of fiscal slippages in the face of both slower growth and increasing political pressures.

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