LONDON: S&P Global Ratings lowered its long-term foreign-currency sovereign credit rating on the Republic of South Africa to ‘BB-‘ from ‘BB’ and affirmed the ‘B’ short-term foreign-currency sovereign rating, with a stable outlook.

At the same time, the long-term local currency sovereign credit rating for South Africa was lowered to ‘BB’ from ‘BB+’ and the ‘B’ short-term local currency was affirmed, with a stable outlook.

In addition, S&P maintained the long-term South Africa national scale rating at ‘zaAAA’ and affirmed the ‘zaA-1+’ short-term national scale rating alongside a re-calibration of the national scale rating.