LONDON (Standard&Poor's) May 8, 2003--Standard&Poor's Ratings Services today said it assigned its 'BBB' foreign currency senior unsecured debt rating to the Republic of South Africa's proposed Eurobond. The assignment of the new rating follows the upgrade, on May 7, of Standard&Poor's long-term foreign currency ratings on South Africa to 'BBB' from 'BBB-', and of its local currency ratings to 'A/A-1' from 'A-/A-2'. The outlook on South Africa is stable. "The upgrade reflects the continued strength of South Africa's fiscal performance, and ongoing improvements in the country's external position," said Standard&Poor's credit analyst Mame-Fatou Diagne. "In addition, the government has continued to strengthen its track record of sound economic management and reform implementation
