S&P Global Ratings kept South Africa's foreign- and local-currency credit ratings in 'junk' territory with a stable outlook late on Friday, saying the new government was expected to focus on reforms to revive the economy.
Cyril Ramaphosa takes the oath of office at his inauguration as South African president, at Loftus Versfeld stadium in Pretoria, South Africa May 25, 2019.S&P Global Ratings kept South Africa's foreign- and local-currency credit ratings in"junk" territory with a stable outlook late on Friday, saying the new government was expected to focus on reforms to revive the economy.
S&P kept the country's long-term foreign-currency rating at 'BB', while the long-term local-currency rating was held at 'BB+'. Both carry a stable outlook. The ratings agency made the same assessment in November 2018 after slashing the rating in 2017.
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