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Revision of the Republic of South Africa’s (“RSA”) credit rating by S&P Global Ratings (“S&P”)
REPUBLIC OF SOUTH AFRICA REPUBLIC OF SOUTH AFRICA
Department of National Treasury through
Issuer code: BIRSA The RSA Domestic Sukuk Trustee (RF)
("National Treasury") Proprietary Limited (as trustee of The RSA
Domestic Sukuk Trust)
Incorporated in the Republic of South Africa
Registration number: 2023/671880/07
Issuer code: RSDI
("Trustee")
REVISION OF THE REPUBLIC OF SOUTH AFRICA'S ("RSA") CREDIT RATING BY S&P GLOBAL RATINGS ("S&P")
The National Treasury hereby advises that S&P has revised its credit rating / credit rating outlook in
respect of the RSA to positive from stable and affirmed the long-term foreign and local currency debt
ratings at 'BB-' and 'BB', respectively.
According to S&P, the positive outlook reflects the agency's view that increased political stability
following the May 2024 general elections and impetus for reform could boost private investment and
GDP growth. S&P further states that since the formation of the new broad coalition of 11 political parties
under the Government of National Unity (GNU), debt yields and portfolio inflows have improved,
leading to easing financing conditions and currency strengthening.
S&P further stated that despite the Government publishing weaker fiscal projections in the most recent
Medium-Term Budget Policy Statement (MTBPS) compared with those it published in the
February 2024 Budget Review, the agency sees higher fiscal policy predictability regarding efforts
towards achieving primary surpluses and fiscal consolidation.
Government's strategy focuses on achieving fiscal sustainability, supporting economic growth and
critical social services, and addressing significant fiscal and economic risks. The four pillars of
economic growth strategy are: (i) maintaining macroeconomic stability; (ii) implementing structural
reforms; (iii) building state capability; and (iv) supporting growth-enhancing public infrastructure
investment.
The S&P announcement in regard to RSA's credit rating is available from the following websites:
https://search.app?link=https%3A%2F%2Fdisclosure.spglobal.com%2Fratings%2Fen%2Freg
ulatory%2Farticle%2F-
%2Fview%2Ftype%2FHTML%2Fid%2F3285053&utm_campaign=aga&utm_source=agsadl1
%2Cagsadl6%2Csh%2Fx%2Fgs%2Fm2%2F4
https://www.treasury.gov.za/comm_media/press/2024/2024111501%20Media%20Statement
%20-%20Government's%20Response%20to%20S&P%20Global%20Ratings.pdf
For further enquiries contact:
Terry Bomela-Msomi
National Treasury - Asset and Liability Management
Director: Debt Issuance and Management
012 315 5753 / +27 66 289 2492
Phillemon Ledwaba
TMF Corporate Services (South Africa) Proprietary Limited (representative of the Trustee)
011 666 0760 / +27 76 690 4003
Candice Risi
TMF Corporate Services (South Africa) Proprietary Limited (representative of the Trustee)
+27 66 444 0611
Pretoria
18 November 2024
Debt Sponsor
One Capital
Date: 18-11-2024 01:38:00
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