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SA's return to investment-grade depends on ANC - analyst

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Cape Town – South Africa’s ability to regain investment-grade status will depend heavily on the response by those opposing President Jacob Zuma’s leadership, particularly from within the ruling ANC, said Sanisha Packirisamy from Momentum Investments in a company note. 

Standard & Poor’s (S&P) Global Ratings on Monday downgraded South Africa’s sovereign credit rating to junk status, citing recent changes to the Cabinet which could bring policy continuity into question as one of the main reasons. 

South Africa’s long-term foreign currency rating was changed from BBB- to BB+ (sub-investment or junk grade), while the long-term local currency rating was also dropped on notch from BBB to BBB- (at the lowest investment grade). 

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