{"id":9399,"date":"2012-03-28T15:37:14","date_gmt":"2012-03-28T13:37:14","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-1-sp-downgrades-s-africa-outlook-rand-falls\/"},"modified":"2012-03-28T15:37:14","modified_gmt":"2012-03-28T13:37:14","slug":"update-1-sp-downgrades-s-africa-outlook-rand-falls","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-sp-downgrades-s-africa-outlook-rand-falls\/","title":{"rendered":"UPDATE 1-S&P downgrades S.Africa outlook, rand falls"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* SP cites structural problems for downgrade<\/span><\/p>\n

<\/span><\/p>\n

* Re-affirms foreign, local currency ratings<\/p>\n

<\/span><\/p>\n

* Downgrade follows similar moves by Moody’s, Fitch<\/p>\n

(Updates markets, adds details, background, comment)<\/p>\n

<\/span><\/p>\n

JOHANNESBURG, March 28 (Reuters) – South Africa’s rand
\nweakened against the dollar on Wednesday after ratings agency
\nSP downgraded the country’s outlook to negative from stable,
\nciting structural economic and social problems.<\/p>\n

<\/span><\/p>\n

The agency said South Africa’s near-term political pressures
\nhad eased and the Treasury remained committed to fiscal
\nconsolidation, but added that problems such as high unemployment
\nand a structural current account deficit persisted.<\/p>\n

<\/span><\/p>\n

“The negative outlook reflects the potential for a downgrade
\nif economic and social problems feed into the political debate
\nin the run-up to the 2014 elections and consequently further put
\npressure on the policy framework,” SP said.<\/p>\n

<\/span><\/p>\n

It reaffirmed South Africa’s foreign and local currency
\nratings at ‘BBB+\/A-2’ and ‘A\/A-1’.<\/p>\n

<\/span><\/p>\n

The rand weakened to 7.6650 to the dollar from
\n7.6430 just before the SP release. However, it recouped some of
\nthose losses to trade at 7.6482 by 1200 GMT. The currency, which
\nhad been weakening in earlier trading, was down some 0.7 percent
\nafter the announcement.<\/p>\n

<\/span><\/p>\n

Government bonds also fell, with the yield on the three-year
\nbenchmark bond rising to 6.85 percent from 6.81
\npercent prior.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* SP cites structural problems for downgrade * Re-affirms foreign, local currency ratings * Downgrade follows similar moves by Moody’s, Fitch (Updates markets, adds details, background, comment) JOHANNESBURG, March 28 (Reuters) – South Africa’s rand weakened against the dollar on Wednesday after ratings agency SP downgraded the country’s outlook to negative from stable, citing structural […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-9399","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=9399"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9399\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}