The S&P left its South African ratings unchanged at BB on foreign-currency and BB+ on local.
Though it had upgraded ratings in November, its first upward move in nearly two decades, citing falling inflation, improving growth, and fiscal consolidation.
Moreover, the S&P revised its oil price forecast to $100 for the rest of the year and $75 next year, with knock-on effects expected for inflation, fertiliser, and food costs.
South Africa’s inflation rose in April, largely tied to the energy sector. The SA Reserve Bank responded with rate hikes, though higher borrowing costs risk dampening consumer spending.
