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Fitch lowers South Africa's ratings deeper into junk

Nov 20 (Reuters) - Credit rating agency Fitch lowered South Africa's sovereign ratings to 'BB-' from 'BB' on Friday, citing rising government debt compounded by the economic shock of the COVID-19 pandemic.

The agency expects South Africa's GDP to remain below 2019 levels even in 2022 as the debt pile adds pressure to public finances in Africa's most industrialized economy. [https://bit.ly/3fhfoEx ]

The outlook on the country's sovereign ratings is negative, making further downgrades more likely in the future. (Reporting by Shivani Singh in Bengaluru; Editing by Arun Koyyur)