South African unemployment hits record high, dents ratings hopes

South Africa's unemployment hit its highest level on record in the first quarter, official data showed on Monday, clouding the country's efforts to convince the major ratings agencies not to downgrade its credit.

Moody's late on Friday left its rating unchanged, giving the rand currency a lift on Monday morning in reaction. Finance Minister Pravin Gordhan said he aimed to show the other big ratings agencies that the country was on the right economic track ahead of their own reviews in the coming weeks.