Fitch’s credit rating for South Africa

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BONUS - RUSTENBURG - Government has noted Fitch’s decision to affirm South Africa’s long term foreign and local currency debt ratings at ‘BB+’ and to also revise the outlook to negative from stable.

In a statement issued recently, the National Treasury said government is aware of the strain and risk that state-owned companies, particularly Eskom, present to the fiscal network. “Government is urgently working on stabilising Eskom while developing a broad strategy for its future. Additionally, government will have to make tough decisions in order to reverse the country’s debt trajectory and improve economic growth prospects,” National Treasury said in a statement.