S&P ratings call: Consumers warned to keep a lid on spending

Cape Town - Deeply indebted consumers should not view South Africa's unchanged credit rating by S&P as a reprieve to go on a spending spree.

This is the message from Neil Roets, CEO of one of South Africa’s largest debt management companies, Debt Rescue.

S&P on Friday decided to keep South Africa’s credit rating at the same level – one notch above junk status - but it warned that the country's deteriorating economic climate could lead to a junk status at their next rating announcement towards the end of the year.