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Ratings risk: Time is running out for SA

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Cape Town - The risks remain high of a credit ratings downgrade unless South Africa makes more than “piecemeal” progress on structural reforms, cautioned Overberg Asset Management.

It said in its weekly review while Standard & Poor’s Global Ratings (S&P) lowered South Africa’s local currency rating from BBB+ to BBB- this is still one notch above non-investment grade putting both local and foreign currency ratings on the same level.

The rand strengthened against major currencies over the past week, discounting expectations that S&P would affirm South Africa’s sovereign foreign currency rating at BBB-, one notch above non-investment grade.

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