Standard & Poor's Ratings Services affirmed its long- and short-term foreign currency sovereign credit ratings on the Republic of South Africa at 'BBB-/A-3'. We also affirmed the 'BBB+/A-2' long- and short-term local currency ratings. The outlooks remain stable. At the same time, affirmed the 'zaAAA/zaA-1' South Africa national scale ratings.

The Financial Services Board announced that the first credit rating agencies to apply for registration under the Credit Rating Services Act have had their applications approved.

Moody's Investors Service has today downgraded the City of Tshwane's long and short-term issuer rating (South African national scale) to A2.za and P-2.za, respectively, from A1.za and P-1.za, following a significant increase in the city's debt levels. The outlook on the ratings remains negative.

Nampak today announced that an agreement has been reached whereby it will acquire Alucan Packaging Limited which is a beverage can manufacturer based in Nigeria. Nampak has also been granted an option to acquire a leading rigid plastics company in Nigeria. The total investment is US$301 million and will be funded through available cash resources and existing debt facilities.