JOHANNESBURG - South Africa's economy evaded a potentially damaging blow Friday when the Standard & Poor's rating agency maintained the country's foreign currency debt status one notch above junk status. "Political events have distracted from growth-enhancing reforms, while low GDP growth continues to affect South Africa's economic and fiscal performance," S&P warned. The Fitch ratings firm last week kept South Africa one notch above junk, but dropped its outlook from stable to negative. Also last week, Moody's kept South Africa unchanged two notches above junk status. Fitch, which said South Africa's banking sector "remains a rating strength", forecast GDP growth of 1.3 percent in 2017 and 2.1 percent in 2018.

Source: Bangkok Post December 02, 2016 18:11 UTC