The local elections and their much anticipated results are generally regarded as the most important since South Africa’s first democratic elections in 1994, considering the real risk of the ANC losing significant support and causing uncertainty on the outcome of the next general election. With regard to the economy, the immediate outcome of the results are unlikely to prove a direct decisive factor in the potential downgrade decision by ratings agencies later this year. However, the ruling party’s reaction to the outcome and the policies it might adopt as a result, could influence the next rating reviews before the end of the year. This is according to Rian le Roux, Chief Economics at Old Mutual Investment Group , who reiterates the fact that the issues highlighted by the ratings agencies include the need for the National Development Plan implementation and growth enhancing reform and fiscal discipline. “The outcome of the election will provide the rating agencies with an indication ...