outlook for the country’s debt and did not cut it to junk as some had feared.
The U.S. dollar was quoted down 1.2% on Reuters dealing at R14.8650, paring some of the sharp gains it made last week. Moody’s on Friday revised its outlook on South Africa’s ‘Baa3’ rating to negative, citing a deterioration in the economic growth outlook and rising debt. Analysts had expected the move after a bleak mid-term budget statement last week that slashed this year’s growth forecast to 0.5% and showed government debt racing to more than 70% of gross domestic product by 2023.
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