On Nov. 12, 2002, Standard&Poor's Ratings Services revised its outlook on the Republic of South Africa to positive from stable. At the same time, the 'A-/A-2' local currency and 'BBB-/A-3' foreign currency ratings on South Africa were affirmed. The outlook change reflects South Africa's continued strong fiscal performance and ongoing improvements in the country's external position. In addition, the government has continued to strengthen its track record of sound economic management in a challenging external environment, and it is not expected to deviate from its course of orthodox economic policies in the foreseeable future. On the fiscal front, the government's strategy of broadening the tax base and improving tax administration continues to underpin a strong revenue performance, resulting
