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Moody's says South Africa recession shock credit negative

6th September 2018

By: Reuters

  

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Ratings agency Moody's said on Thursday that the South African economy's slide into recession in the second quarter would exacerbate the fiscal and monetary challenges the country faces, calling weaker-than-expected economic data "credit negative".

Data showed on Tuesday that the South African economy contracted 0.7% in the second quarter.

The ratings agency is the last of the "big three" international agencies to have South Africa's long-term foreign-currency debt in investment grade.

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Edited by Reuters

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