S&P affirms SA's credit rating
International credit ratings agency S&P has affirmed South Africa's long term foreign and local currency debt ratings.
Its negative outlook remains unchanged.
Treasury has welcomed the decision to maintain South Africa's long term local currency debt ratings of 'BBB'; an investment grade rating.
It says it also notes the affirmation of the long-term foreign currency rating of 'BB+' and the negative outlook on the ratings.
"While government agrees with S&P that the pace of economic growth is slow and as such poses risks to fiscal consolidation and rising contingent liabilities, the fiscal policy stance continues to be guided by chapter 13 of the Constitution," says Treasury.
"It states that while there is promotion of efforts aimed at economic development, good governance, social progress and rising standard of living for all South Africans, there must also be transparency, accountability and sound financial controls in the management of public finances."
According to Treasury, government is committed to work with its social partners in improving business and consumer confidence.
"The National Development Plan continues to be the anchor policy of government providing greater policy certainty. The Constitution remains explicit in realising the fundamental rights of all who live in South Africa and that the public funds are spent for a common good."