Anemic economic growth in 2018 and sizable contingent liabilities continue to weigh on South Africa's fiscal prospects and debt burden. Nevertheless, the new government is pursuing a series of economic reforms that should help boost the economy from 2019 onward, despite structural impediments, chronic skills shortages, and high unemployment. We are affirming our long- and short-term foreign currency ratings on South Africa at 'BB/B', our local currency ratings at 'BB+/B', and our national scale ratings at 'zaAAA/zaA-1+'. The outlook is stable. On Nov. 23, 2018, S&P Global Ratings affirmed its 'BB/B' long- and short-term foreign currency sovereign credit ratings and its 'BB+/B' long- and short-term local currency sovereign credit ratings on South Africa. The outlook is stable. The transfer and
