On July 12, 2007, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term foreign currency, and its 'A+' long-term and 'A-1' short-term local currency, sovereign credit ratings on the Republic of South Africa. The outlook is stable. At the same time, the 'zaAAA' long-term and 'zaA-1' short-term national scale ratings were affirmed. In addition, Standard&Poor's also affirmed all ratings on the Development Bank of Southern Africa Ltd. (DBSA), which are equalized with the ratings on the sovereign reflecting the government's sole ownership of the institution. The ratings on the Republic of South Africa are supported by its prudent macroeconomic policies, a moderate debt burden, and strong and stable political institutions. These are balanced by relatively
