S&P noted that it is closely watching South Africa’s upcoming elections and their impact on investment, especially given existing infrastructure bottlenecks. S&P projects South Africa’s economy to grow 1.1% in 2024 and between 1.3% and 1.7% from 2025 to 2027, with expectations of a coalition government forming post-election. The country’s credit rating was affirmed at BB- with a stable outlook, reflecting a balance of strengths and weaknesses.