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S.Africa braces for credit review as growth falls

South African President Jacob Zuma has been engulfed by graft scandals and a power struggle, while growth has fallen to 0.5 percent and unemployment hit a 13-year highSouth Africa braced for a potentially damaging credit rating review Friday as Moody’s releases its latest assessment amid political tension, reform blockages and weak economic data. President Jacob Zuma has been engulfed by graft scandals and a power struggle with Finance Minister Pravin Gordhan, while growth has fallen to 0.5 percent and unemployment hit a 13-year high. S&P currently has South Africa — the continent’s most developed economy — rated at the lowest investment grade, and a downgrade would put the country’s bonds into so-called “junk” status.

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