On Nov. 11, 2008, Standard&Poor's Ratings Services revised its outlook on the Republic of South Africa to negative from stable. At the same time, the 'BBB+/A-2' foreign currency and 'A+/A-1' local currency sovereign credit ratings, and the 'zaAAA/zaA-1' national scale ratings on South Africa, were affirmed. The Transfer&Convertibility assessment on South Africa remains 'A'. The outlook revision reflects pressures on South Africa's balance of payments, which increase the risk of further currency depreciation and a sharper-than-anticipated correction in the current account deficit, with attendant effects on prospects for trend growth and fiscal outturns. South African banks have had limited exposure to the effects of the deleveraging in developed banking sectors, and they should weather deteriorating asset
