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S&P Global keeps SA’s rating unchanged

S&P affirmed the country’s long-term foreign currency debt rating at ‘BB’ and its local currency debt rating at ‘BB+’.

Picture: Supplied

JOHANNESBURG - Ratings agency S&P Global has kept South Africa’s sovereign credit ratings unchanged at below investment grade.

However, the agency says that in the wake of the elections, government is likely to focus more on new policy initiatives that will aim to support firmer economic growth and reform state-owned companies.

S&P affirmed the country’s long-term foreign currency debt rating at ‘BB’ and its local currency debt rating at ‘BB+’.

The outlook for both ratings is stable.

'BB' is the second rung of non-investment grade, while 'BB+' is one step below investment grade.

National Treasury has responded by saying that it’s focussing on regaining the country's investment grade status.

However, the agency says the country's fiscal position remains weak, with sizable fiscal deficits, a large debt burden, and contingent liabilities largely tied to Eskom.

(Edited by Refilwe Pitjeng)