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Byline: MARIAM ISA
SA 'surprise winner' in Greek crisis, say agencies Strong capital flows and shrinking deficit count in economy's favour Economics Editor SA's credit ratings would not be tarnished by contagion from Europe's deepening debt crisis, and the outlook may even improve as growth picks up and the budget deficit shrinks, three top global rating agencies said yesterday.
Standard & Poor's (S& P), Fitch and Moody's Investors Service all said fallout from Europe's woes would have a limited effect on SA, even though Europe is one of its main trade partners.
Emerging markets were being given the benefit of the doubt in the wake of a financial crisis which originated in and continues to grip mainly developed countries. With risk aversion muted, SA was also benefiting from strong capital inflows as its economy pulls out of recession.
SA will be judged on its own …