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May 27 2012 11:21
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Johannesburg - The National Treasury has given the thumbs down to a decision by Fitch Ratings to downgrade South Africa's outlook to negative from stable.
It notes that the Fitch Ratings Agency suggests that if South Africa's growth slows down as it predicts it will be hard for the authorities to maintain sound macroeconomic and fiscal policy.
"This is not supported by our recent history and overlooks certain material facts about the current macroeconomic and fiscal frameworks," said the Treasury in response to the news, which came through in the early hours of this morning.
The Treasury does not feel an actual rating downgrade is going to happen as economic fundamentals are sound.
- I-Net Bridge