S&P: South Africa ratings affirmed; outlook remains negative - Reuters

Key highlights from S&P's latest report on South Africa, via Reuters:

• Affirming 'BB+/B' foreign currency, 'bbb-/a-3' local currency, and ZAAA-/ZAA-1 national scale ratings on South Africa.
• Pace of economic growth remains weak, posing risks to pace of fiscal consolidation, with rising contingent liabilities
• Negative outlook on foreign and local currency ratings reflects view that political risks will remain elevated this year
• South Africa faces reduced predictability of future policy responses, due to moderate risk of challenges to political institutions
• Consider South Africa's monetary flexibility, and its track record in achieving price stability, to be important credit strengths