S&P Global Ratings expects the ANC to continue with policy reforms after the May 8 election, and that’s why it has a stable outlook on the nation’s credit rating.
S&P cut South Africa’s debt assessment to sub-investment grade in April 2017 after former President Jacob Zuma changed the cabinet and appointed a new finance minister and deputy minister. After Cyril Ramaphosa replaced Zuma as leader of the ANC and the country, he has taken steps to root out mismanagement at state firms such as power utility Eskom Holdings SOC Ltd. and pledged policy reforms to boost economic growth and lure investment.
S&P rates South Africa’s foreign-currency debt at BB, two levels below investment grade, and its rand-denominated obligations one step higher. The central bank’s role in anchoring inflation, the flexible exchange rate and the role of an independent judiciary help to support the current rating, Rusike said.
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