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Zuma happy to avoid junk status, congratulates team

Zuma happy to avoid junk status, congratulates team

Credit rating agency

South African president, Jacob Zuma, has welcomed new credit ratings after the country escaped junk status from Standard and Poor’s.

S&P maintained its BBB- rating on the country, warning about the consequence of low economic growth.

Zuma issued a statement congratulating the team which worked to turn the economy around saying, “The decision by Standard and Poor’s tonight, which follows on the footsteps of yet another encouraging decision by Moody’s demonstrates that working together we can reignite our economy, attract investment and create jobs for our people”.

The ratings come amids rising political tensions and a struggling economy.

Fears of a possible downgrade to junk status had caused anxiety because it would have made borrowing more expensive.

South Africa escaped a downgrade from credit rating firm, Moody’s Investors Service in May.

Fitch Ratings is expected to issue its review next week.