JOHANNESBURG - S&P Global has unexpectedly downgraded South Africa's credit outlook from positive to stable.
It cited the country’s persistent infrastructure issues and power outages for the reason behind the downgrade.
The ratings agency did acknowledge the country’s fiscal position improved last year on the back of higher revenue.
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However, it stressed that the infrastructure shortfalls and energy crisis are weighing on growth.
Moody’s, Fitch and S&P global all grade South Africa’s ability to pay back its debt deep into sub-investment grade.