Moody's changes outlook on S.African sovereign rating to 'negative'

Moody's revised the outlook on South Africa's last investment-grade credit rating from "stable" to "negative" on Friday, saying there had been a continued deterioration in the country's economic growth trajectory and public debt burden.

The review, which affirmed the rating at 'Baa3', the lowest rung of investment grade, came days after a bleak mid-term budget statement that slashed this year's growth forecast to 0.5% and showed government debt racing to more than 70% of gross domestic product by 2023.

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