The credit ratings agency became the last agency to make its announcement on Friday.
It kept the country at one level above junk status with a negative outlook but has warned government to kick economic growth into gear to avoid sub investment grade in the future.
It has also flagged political tensions as a cause for concern.
Market Analyst Pierre Heistein says the country has to follow through on the growth policies it announced during the mid-term budget earlier this year.
“And that is avoid all kind of crisis, more political infighting, and surprises like the firing of the finance minister or anything like that. So we just stick to our guns, keep the ship sailing forward.
“Do what we have already planned, pending any other crazy international outlier, we should be okay.”
S&P Global has however downgraded South Africa’s domestic debt, leaving it at two notches above junk status.
Economist Dawie Roodt explains.
“The domestic debt is in rands and that’s very easy to repay simply because the South Africa Reserve Bank can print rand, but we can’t print the dollar. Typically, what one would find is that international debt is rated at the lower level than the domestic debt."
