LONDON (Standard&Poor's) May 14, 2007--Standard&Poor's Ratings Services said today it assigned its 'BBB+' foreign currency senior unsecured debt rating to the upcoming U.S. dollar-denominated note, maturing in 2022, to be issued by the Republic of South Africa (foreign currency, BBB+/Stable/A-2; local currency, A+/Stable/A-1) on or around May 30, 2007. The note is to be issued in exchange for six securities with maturities between 2008 and 2017. Noteholders have the option of exchanging their holdings for cash. There will be no debt impact, with the transaction part of South Africa's active debt management strategy to refinance high coupon and short-dated debt. Efforts to extend government maturities have contributed to a decline in the country's external debt service
