Standard and Poor's downgrades South Africa's long-term foreign currency credit rating

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Ratings agency Standard and Poor's (S&P) on Friday lowered South Africa's long-term foreign currency credit rating one notch, to BBB- from BBB.

"The downgrade reflects our expectation of lacklustre GDP [gross domestic product] growth in South Africa, against a backdrop of relatively high current account deficits, rising general government debt, and the potential volatility and cost of external financing," the agency said in a research update.

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