S&P keeps SA's credit rating unchanged

JOHANNESBURG - The Standard and Poor (S&P) Global Ratings has kept South Africa’s credit ratings unchanged despite the country’s worsening debt.

S&P announced a stable outlook for the country’s long-term foreign and local currency debt ratings.

The agency expects private-sector electricity generation to ease power shortages and contribute to better GDP growth.

The government has welcomed the decision, saying it will focus on growing GDP.

It says this will be achieved by improving electricity supply and logistics, enhancing the delivery of infrastructure and restructuring the state.

Finance Minister Enoch Godongwana recently revealed government debt is expected to reach 77% by 2025.