Prudent macroeconomic policies and a moderate debt burden An independent central bank committed to low inflation, well-developed capital markets, and a strong financial sector Political stability and transparent institutions Structural economic weaknesses and deep social inequalities Vulnerability to volatile capital inflows The ratings on South Africa are supported by its prudent macroeconomic policies, a moderate debt burden, and stable political institutions. These are balanced by continued high reliance on external portfolio inflows, and severe structural socioeconomic weaknesses. Global market turbulence has contributed to marked rand depreciation since early 2008. Standard&Poor's Ratings Services expects portfolio inflows to remain weak in the short term. Combined with a current account deficit expected at 21% of current account receipts (CARs), this should
