S.Africa's rand weakens on S&P downgrade
JOHANNESBURG, Oct 12 (Reuters) - South Africa's rand weakened on Friday after ratings agency S&P downgraded the country's local and foreign currency sovereign ratings, saying underlying social tensions would increase government spending pressure and reduce fiscal flexibility.
The rand fell to 8.76 to the dollar by 1648 GMT, down from 8.70 before the release and losing more than 1.1 pecent on the day.
(Reporting by Stella Mapenzauswa; Editing by Ed Cropley)
Keywords: SAFRICA RAND/