Fitch switches SA outlook to ‘negative’

[miningmx.com] – RATINGS agency Fitch switched South Africa’s outlook to negative from stable and affirmed its credit rating at BBB, said AFP citing a statement from the agency.

The change in outlook was partly related to a 21-week strike in the platinum sector, the longest in South Africa’s history. The country’s outlook for gross domestic product (GDP) growth had also deteriorated, it said.

As a result, Fitch revised its 2014 GDP forecast for South Africa to 1.7% which was down from 2.8% growth when it last conducted a country review in December 2013, said AFP.

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