LONDON (Standard&Poor's) Nov. 11, 2008—Standard&Poor's Ratings Services today said it had 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," Standard&Poor's credit analyst Remy Salters said. South African banks have had limited exposure to the
