LONDON (Standard&Poor's) May 7, 2003--Standard&Poor's Ratings Services today said it raised its long-term foreign currency ratings on the Republic of South Africa to 'BBB' from 'BBB-', and its local currency ratings to 'A/A-1' from 'A-/A-2'. At the same time, the 'A-3' short-term foreign currency ratings on the Republic were affirmed. The outlook is stable. "The upgrade reflects the continued strength of South Africa's fiscal performance, and ongoing improvements in the country's external position," said Standard&Poor's credit analyst Mame-Fatou Diagne. "In addition, the government has continued to strengthen its track record of sound economic management and reform implementation in a challenging external environment, and it is not expected to deviate from its course of orthodox
