Ratings agency Fitch has affirmed South Africa's investment grade credit rating at one notch above sub-investment but changed the outlook to negative from stable. Fitch said in a statement that the economy of Africa's most industrialized country may have started to recover but political risks remained. With the economy expected to grow by only half a percent this year, South Africa has been racing to avert a sovereign rating downgrade to "junk" status that would raise its borrowing costs and deter investment.
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