Finweek English Edition - - THE WEEK -

Rat­ings agency Stan­dard & Poor’s (S&P), which cur­rently rates South Africa’s sovereign debt just a notch above junk, down­graded the coun­try’s growth outlook to 0.8% for 2016 and 1.8% in 2017, cit­ing a range of neg­a­tive global and do­mes­tic fac­tors. These in­clude low com­mod­ity prices and the pro­longed drought, which has af­fected agri­cul­tural pro­duc­tion and food prices. S&P said de­spite the re­cent re­cov­ery in com­mod­ity prices from Jan­uary lows, it ex­pects most com­mod­ity prices to re­main de­pressed, largely due to weaker de­mand from China.

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