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Swiss-based insurer, Zurich announced on Thursday that its operations in South Africa and Botswana will be acquired by Canada-based Fairfax Financial Holdings Limited for an undisclosed amount.
Fitch Ratings has affirmed South Africa's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-' and 'BBB', respectively. The issue ratings on South Africa's senior unsecured foreign- and local-currency bonds are also affirmed at 'BBB-' and 'BBB', respectively. The Outlooks on the Long-Term IDRs are Stable. The Short-Term Foreign-Currency IDR is affirmed at 'F3'.
On June 3, 2016, S&P Global Ratings affirmed its long- and short-term 'BBB-/A-3' foreign currency and 'BBB+/A-2' local currency sovereign credit ratings on the Republic of South Africa. The outlook remains negative.
The South African central bank held its benchmark interest rate unchanged at 7.0 percent on Thursday, warning of continued high inflation and slowing growth.
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