Moody's changes outlook on S.African sovereign rating to 'negative'

• Moody's revised the outlook on South Africa's last investment-grade credit rating from "stable" to "negative" on Friday.
• The review, which affirmed the rating at 'Baa3'.

The review, which affirmed the rating at 'Baa3', the lowest rung of investment grade, came days after a bleak mid-term budget statement that slashed this year's growth forecast to 0.5% and showed government debt racing to more than 70pc of gross domestic product by 2023.