LONDON, Feb 15 (Reuters) - South Africa’s sovereign credit ratings and outlook will not be immediately affected by the change of the country’s leadership, the S&P Global agency said on Thursday. Cyril Ramaphosa who has taken over as South African president from the departing Jacob Zuma “will require time to design and implement measures to improve economic growth and stabilize public finances, given the structural and institutional challenges that South Africa faces,” S&P said.
The agency rates South Africa’s foreign currency debt at BB with a stable outlook and its local currency debt at BB+ with a stable outlook. Both ratings are in the sub-investment grade or ‘junk’ category.
Rival agency Moody’s earlier said it was “monitoring” developments
Reporting by Marc Jones, editing by Sujata Rao