The rating agency’s MD, Konrad Reuss, said in Cape Town that recent political events in the country could weigh heavily on investor confidence.
Analysts warn that blunders in policy could bring about a downgrade by the end of the year.
The South African Treasury released a statement on Friday evening welcoming S&P Global Ratings for affirming the country’s credit ratings – for now.
The president is under pressure to buoy investor confidence with his State of the Nation Address amid a credit-rating downgrade and ongoing strike.
While Moody’s has kept its BAA1 rating and negative outlook for the country due to SA’s credit profile, it is optimistic about sub-Saharan Africa.