S&P keeps South Africa in 'junk' status, sees post-election reforms

S&P Global Ratings kept South Africa’s foreign- and local-currency credit ratings in “junk” territory with a stable outlook late on Friday, saying the new government was expected to focus on reforms to revive the economy. Newly elected President Cyril Ramaphosa has pledged to rekindle growth by fixing state firms, easing policy uncertainty and luring back foreign investment that dried up in the last decade under his predecessor Jacob Zuma.