Downgrade breather

RATINGS agency Fitch affirmed South Africa’s investment grade credit rating and said it maintained its stable outlook, but warned that political tension could still derail efforts to boost growth.

Analysts said the announcement should also give policy-makers more time to implement reforms and boost the economy, before the next round of reviews in December.

Fitch said the rating reflected low gross domestic product growth, significant fiscal and external deficits and high debt levels, which were balanced by strong policy institutions, deep local capital markets and a favourable government debt structure.

This comes after an escape from a downgrade by Standard & Poor’s and Moody’s. A TEAM of 300 firefighters dispatched to Canada to fight a massive wildfire are to head home after a pay dispute.

The firefighters arrived in northern Alberta less than two weeks ago to help quell the blaze near Fort McMurray, but they halted work over pay.

Canadian authorities agreed to cover accommodation and meals, while each firefighter received a daily stipend of C$15 (R180) for discretionary purchases. After returning home they were promised C$35 a day, as well as regular wages.

Work on Fire issued a statement claiming media reports about pay increases had caused confusion among the firefighters, which prompted them to go on strike.