South Africa Credit Rating Downgraded By Fitch, S&P, Citing Platinum Mining Strike

Two major credit ratings agencies dealt South Africa's financial credibility severe setbacks Friday, a day after negotiators for striking workers and mining companies agreed in principle to end the resource-rich nation's longest mining strike. The head of the Association of Mineworkers and Construction Union (AMCU) said late Thursday an agreement in principle had been reached with three platinum producers whose output has been severely curtailed for nearly five months.