by oneafrikan on August 5, 2005
This is great news:
International credit rating agency Standard & Poor’s (S&P) have upgraded South Africa’s long-term foreign currency sovereign credit rating from BBB to BBB+ and the equivalent local currency rating from A to A+. At the same time the short-term foreign currency rating was raised from A-3 to A-2 and the local currency equivalent stayed steady at A-1.
The upgrades to the ratings were made on the back of South Africa’s improved economic stability and strong and stable political institutions. According to S&P’s credit analyst, Beatriz Merino, “The upgrade reflects South Africa’s strong track record of macroeconomic management and improved prospects of sustainable higher GDP growth rates.” Sensible macroeconomic policies over the past ten years have been successful in bringing about low inflation, low interest rates, reduced fiscal deficits and stabilised debt levels.