The rand was a little perkier on Monday morning, after S&P Global Ratings left SA’s debt rating unchanged on Friday as expected. This will be viewed as positive for President Cyril Ramaphosa, who marked his 100th day in office at the weekend. S&P, which still rates the country’s debt at subinvestment grade or so-called junk, acknowledged Ramaphosa, who has overseen major changes at state-owned entities (SOEs), as well some state institutions, such as the South African Revenue Service. The changes are aimed at restoring sound corporate governance at SOEs, thus enabling them to return to good financial health. Power utility Eskom, arms manufacturer Denel and South African Airways have had their boards reconstituted in recent months. Eskom, in particular, has previously been singled out as posing a big risk to the fiscus, after years of corruption allegations under former President Jacob Zuma’s term in office. Surveys of business and consumer confidence have increased under Ramaphosa, ...
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