Fitch drops outlook for South Africa from stable to negative

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Fitch ratings agency on Friday revised the outlook on South Africa to negative from stable. The ratings agency said the outlook revision was partly due a strike at platinum mines.

JOHANNESBURG – International credit rating firm Fitch has dropped its outlook for South Africa from stable to negative on Friday, citing the country's recent political turmoil under President Jacob Zuma.

"Political risks to standards of governance and policy-making have increased," Fitch said in a statement, confirming that it kept South Africa's credit rating at one notch above "junk" status.

* Editor's note: more to follow.