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Ratings agency Standard and Poor’s has kept its outlook on South Africa stable, alleviating fears among economists that it would give the country a further downgrade.
S&P has held its credit rating on rand-denominated South African government bonds at BB+ and on foreign-currency denominated bonds at BB.
The agency issued its latest sovereign rating report on South Africa on Friday. S&P said since Cyril Ramaphosa’s election as African National Congress leader in December 2017 and as the country’s president in February 2018, business and investor confidence have strengthened.