Overview -- In our view, the strikes in South Africa's mining sector will likely feed into the political debate in the run-up to the 2014 elections, which may increase uncertainties related to the African National Congress' (ANC's) future policy framework. -- We also expect South Africa's underlying social tensions to increase government spending pressure and … [Read more...] about TEXT-S&P cuts South Africa’s foreign currency rating to ‘BBB’
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S.Africa’s rand weakens on S&P downgrade
JOHANNESBURG Oct 12 (Reuters) - South Africa's rand weakened on Friday after ratings agency SP downgraded the country's local and foreign currency sovereign ratings, saying underlying social tensions would increase government spending pressure and reduce fiscal flexibility. The rand fell to 8.76 to the dollar by 1648 GMT, down from 8.70 before the release and losing more … [Read more...] about S.Africa’s rand weakens on S&P downgrade
UPDATE 1-S&P downgrades South Africa, cites mining strikes, social tension
NEW YORK Oct 12 (Reuters) - Standard Poor's on Friday cut South Africa's credit rating one notch to BBB with a negative outlook, saying mining strikes and social tension could reduce fiscal flexibility and hurt growth. "We expect underlying social tensions may result in amplified spending pressures and reduce fiscal flexibility for the government," SP said in a … [Read more...] about UPDATE 1-S&P downgrades South Africa, cites mining strikes, social tension
S.Africa says “no evidence” for S&P concerns
JOHANNESBURG Oct 12 (Reuters) - South Africa's government spending plans are "realistic and achievable", the Treasury said on Friday after a ratings downgrade from Standard Poor's. The Treasury said there was "no historical evidence" to support SP's assertion that underlying social tensions will increase government spending pressure. (Reporting by Ed Cropley; Editing … [Read more...] about S.Africa says “no evidence” for S&P concerns
UPDATE 1-S.Africa’s rand turns weaker after S&P downgrade
(Updates rand levels, adds bonds, background) JOHANNESBURG Oct 12 (Reuters) - South Africa's rand weakened on Friday after ratings agency SP downgraded the country's local and foreign currency sovereign ratings, saying underlying social tensions would increase government spending pressure and reduce fiscal flexibility. The rand fell to 8.77 to the dollar soon after … [Read more...] about UPDATE 1-S.Africa’s rand turns weaker after S&P downgrade
