Rating agency Standard and Poor’s (S&P) have decided that, though the future is not exactly rosy for SA, their previous ratings from SA’s Long and Short term foreign and local currency bonds should remain the same.
Though the ratings are low they are not as bad as it gets and SA has been sitting on the razors edge of a “Junk” status for a while now. For now the ratings will stay BBB-/A-3 and BBB+/A-2.
S&P have indicated that they are still very worried however this current affirmation of their previous rating allows some time for the effects of the recent positive moves economically (and re the post of Finance Minister) to potentially take effect. This will then in turn allow them the chance to review their decision later at year end.