After expected poor GDP growth in South Africa in 2014, we forecast a slight improvement in 2015-2017. We also expect the Treasury to keep to its "hard expenditure ceiling" and thereby contain fiscal deficits and general government debt levels in the medium term. Nevertheless, GDP growth remains low, current account deficits remain relatively high, general government debt sizable, and portfolio flows potentially volatile. We are affirming our long- and short-term foreign currency sovereign credit ratings on South Africa at 'BBB-/A-3'. The outlook remains stable, reflecting our view that a slight rebound in GDP growth in 2015-2017 will help contain South Africa's fiscal and external balances within our current expectations. On Dec. 12, 2014, Standard&Poor's Ratings Services affirmed its
