Standard & Poor has not downgraded South Africa to junk status. As we waited with bated breath for the announcement this evening, the nation now breathes a collective sigh of relief for the reprieve.
S&P has chosen not downgraded South Africa's foreign debt. But domestic debt is down a notch. The local currency rating has been lowered. Both ratings remain investment grade
They say South Africa is showing some resilience but say political tensions are something to watch.