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S&P raises South Africa's national scale ratings

S&P Global Ratings on Aug. 11 raised its long- and short-term national scale ratings on South Africa to zaAAA/zaA-1+ from zaAA-/zaA-1 and removed the "under criteria observation" label.

The action resulted from S&P's re-calibration of the national mapping scale for South Africa and did not reflect any change in the country's fundamental credit quality or outstanding debt.

South Africa's global scale issuer and issue credit ratings were not affected by the ratings action, S&P Global Ratings said.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.