South Africa says reform agenda in progress after Fitch affirms ratings

South Africa's National Treasury said on Friday its plan to reduce expenditure and raise revenue, while implementing critical reforms, was in progress after credit rating agency Fitch affirmed its debt rating at "BB-" with a stable outlook. Fitch said that key drivers affecting its decision to keep South Africa below investment grade include the country's high debt-to-GDP ratio, low growth and high levels of inequality.