S&P affirms South Africa

S&P said it affirmed its long- and short-term BB+/B foreign currency and BBB-/A-3 local currency sovereign credit ratings on the Republic of South Africa. The outlook remains negative.

At the same time, S&P affirmed the zaAA-/zaA-1 South Africa national scale ratings.

“Our ratings on South Africa are constrained by the weak pace of economic growth and limited fiscal flexibility, with a high stock of government debt,” S&P said in a news release. “The ratings are supported by the country's high monetary flexibility, which we view as a strength, and an improving external position.”

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