S&P keeps South Africa in 'junk' status, sees post-election reforms

Cyril Ramaphosa takes the oath of office at his inauguration as South African president, at Loftus Versfeld stadium in Pretoria, South Africa May 25, 2019.S&P Global Ratings kept South Africa's foreign- and local-currency credit ratings in"junk" territory with a stable outlook late on Friday, saying the new government was expected to focus on reforms to revive the economy.

S&P kept the country's long-term foreign-currency rating at 'BB', while the long-term local-currency rating was held at 'BB+'. Both carry a stable outlook. The ratings agency made the same assessment in November 2018 after slashing the rating in 2017.

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