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South Africa finmin Gordhan says aims to improve growth to avoid December downgrade

Reuters
South African Minister of Finance Pravin Gordhan (C) delivers his 2012 Budget Speech at Parliament in Cape Town February 22, 2012. REUTERS/Schalk van Zuydam/Poo (Reuters)

JOHANNESBURG (Reuters) - South Africa's finance minister said on Friday the decision by S&P Global Ratings to keep its investment-grade credit rating was positive and showed that the country was resilient. Speaking on Talk Radio 702, Pravin Gordhan said that growth needed to be expanded to avoid a downgrade by S&P in December. S&P affirmed the rating on the sovereign debt of Africa's most industrialised country at BBB-, but warned that the outlook remained negative, reflecting the potential adverse consequences of low GDP growth. (Reporting by Mfuneko Toyana; Editing by James Macharia)