South Africa's central bank left its benchmark repurchase rate steady at 7.0 percent, as expected, and while it re-iterated that it still believes that it is near the end of cycle of raising rates, it cautioned that a deteriorating outlook for inflation in the short term "requires increased vigilance" and it could reassess its outlook for rates if upside risks to inflation take hold.
Global Alternative Asset Manager The Carlyle Group (NASDAQ: CG) today announced that it has agreed to acquire a significant stake in Africa’s largest credit rating agency GCR from the management founders, and German development financial institution DEG. Following the transaction, Carlyle will be the largest shareholder, with around half the equity in the company, while management and DEG will remain invested in the business.
On Dec. 2, 2016, S&P Global Ratings lowered the long-term local currency rating on the Republic of South Africa to 'BBB' from 'BBB+' and affirmed the 'A-2' short-term local currency ratings. We affirmed the long-and short-term foreign currency ratings at 'BBB-/A-3'. The outlook on the long-term ratings remains negative.
Fitch Ratings has revised the Outlooks on South Africa's Outlook to Negative from Stable, while affirming the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB-'.
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