/ 15 February 1999

S&P RETAINS RATING

INTERNATIONAL rating agency Standard & Poor’s on Wednesday reaffirmed South Africa’s BB+ long-term foreign currency rating and said the country’s outlook remains stable. Although the rating is one notch below investment grade, it was widely interpreted as positive by the markets as a possible downgrade had been expected. SA has investment grade ratings from Moody’s International Investor Services and Duff & Phelps.