Johannesburg - The National Treasury has welcomed the announcement by international ratings agency Standard & Poor's on Tuesday that it has revised South Africa's outlook to stable from negative, and its affirmation of the country's long-term foreign currency ratings at BBB+ and short-term foreign currency rating at A-2.
"S&P indicated that the revised outlook reflects South Africa's prudent economic policy and its commitment to reduce the general government deficit and contain debt accumulation. The revision also reflects S&P's confidence in South Africa's leadership that has demonstrated prudent management of economic policy, and in the strength of policy making institutions.
"The National Treasury welcomes the announcement, particularly in the current economic climate with rising fiscal risks elsewhere. This announcement is similar to the announcement made by Fitch ratings agency on January 17 2011," the Treasury said in a statement on Wednesday.