[miningmx.com] – SOUTH Africa’s credit rating was under pressure after two agencies downgraded the country partly owing to a five-month long platinum strike, said Bloomberg News.
Standard & Poor’s cut South Africa’s rating to one level above junk while the outlook on the ratings were raised to stable from negative. Fitch Ratings also lowered the outlook on its BBB grading to negative from stable.
South Africa’s economy, the second-largest on the continent after Nigeria, contracted in the first quarter for the first time since 2009 as a 20-week strike over pay shut the world’s biggest platinum mines, said Bloomberg News.
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