Business Maverick: Ramaphoria has taken hold of the otherwise serially depressive S&P Global Ratings

When Cyril Ramaphosa became State President in February 2018, his arrival to Pretoria’s Union Buildings unleashed a surge of positive sentiment and investor confidence across the country.

Unusual, because S&P is one of two credit rating agencies that rate South Africa’s creditworthiness at sub-investment grade .is normally bearish in its assessment of the country. After all, the agency has been downgrading South Africa’s credit rating since 2012 as the country’s economic outlook and public finances deteriorated under the destructive Jacob Zuma years.

S&P’s primary credit analyst for South Africa Gardner Rusike said at the agency’s annual conference in Johannesburg on Tuesday. In November 2018, S&P kept South Africa’s long-term currency debt at BB+, the first notch of sub-investment grade, with a stable outlook. The long-term foreign currency rating is at BB, two notches below investment grade. Its next credit rating decision and economic growth update are expected on May 24.

Even with such growth positive exogenous factors, senior economists are taking S&P’s growth forecast with a pinch of salt. Both

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