South African economy not headed for a recession: S&P

JOHANNESBURG (Reuters) - Ratings firm S&P Global Ratings said on Monday it does not see South Africa's economy slipping into a recession in the short term despite slashing its growth forecast by more than half last week. S&P affirmed the investment grade rating of Africa's most industrialised country on Friday but lowered its economic growth estimate to 0.6 percent from 1.6 percent. (Reporting by Mfuneko Toyana; Editing by James Macharia)