JOHANNESBURG, Feb 26 (Reuters) – The lower deficits unveiled in South Africa’s budget this week are unlikely to prevent debt from rising, ratings agency Moody’s said in a research report sent to reporters on Friday, adding that downside risks remained elevated.

“Risks remain elevated that the government’s debt burden and affordability deteriorate significantly more rapidly than our baseline,” Moody’s said.

(Reporting by Alexander Winning; editing by Mfuneko Toyana)

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