LONDON (Standard&Poor's CreditWire) March 23, 2000--The Republic of South Africa's new US$500 million bonds due May 2009, fungible with a similar amount issued in May 1999, are rated triple-'B'-minus by Standard&Poor's. South Africa's foreign currency issuer credit rating was recently upgraded to triple-'B'-minus/'A-3' from double-'B'-plus/'B', and its local currency issuer credit ratings to single-'A'-minus/'A-2' from triple-'B'-plus/'A-2'. The outlook is stable. The recent upgrade reflects the government's success in building a credible economic policy framework, which, in turn, is laying the groundwork for an improvement in South Africa's trend rate of growth. With modest budget deficits, inflation declining, and a cyclical upturn in output underway, President Thabo Mbeki's administration has stepped up the pace of structural reform.
