Two of the three global ratings agencies are due to publish updates on SA on Friday evening, and while economists expect the next moves could be positive if the government holds the line on spending and speeds up reforms, any ratings actions are likely to wait until after February’s budget.

SA’s sovereign credit rating is still well into subinvestment grade territory at all three agencies, but it is not at risk of further downgrades, with all three upgrading their outlook over the past year in response to SA’s improved debt, growth and balance of payments dynamics...

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