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Even as S&P Global Ratings joined bigger rival Moody’s Investors Service in raising the outlook on SA’s rating, economists warn that there is no guarantee of upgrades to the country’s junk-rated sovereign debt in the next two years.

On Friday, S&P lifted the outlook on SA’s sovereign credit rating to positive and highlighted SA’s favourable terms of trade. Terms of trade compare the price of a country’s exports versus its imports...

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