South Africa: International Agencies Affirm South Africa's Ratings

Ratings agencies Fitch and Standard & Poor's (S&P) both kept their rating of South Africa unchanged late on Friday, 12 December, despite analysts predicting they would opt for downgrades on the back of a nationwide power crunch and persistently low economic growth.

Before the announcements on Friday, the rand plunged to a six-year low against the dollar of R11.72 to the dollar; the JSE hit seven-week lows as markets expected the worst.

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