Credit rating agency Moody's Investor Services did not release a ratings review of South Africa on Friday as was widely anticipated.
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Moody's believes there were no real major events to warrant such a review.
"It's a bit of good news", says Efficient Group economist, Francois Stofberg.
"But still two of the three credit agencies have downgraded our foreign currency debt and that's why we've seen some capital flight."
Moody's has South Africa's long-term foreign and local currency debt ratings at Baa3, with a negative outlook.
It is the only ratings agency that has South Africa’s foreign-currency and rand-denominated debt at investment grade.
"The big story would be if another credit agency downgrades our local currency debt to junk bond status."
Stofberg says this could have far-reaching effects.
"Large institutions like pension funds would no longer be able to, according to law, keep South African bonds in their bond schedule. Then we will see massive amounts of capital flights from South Africa".
Stofberg says, for now, South Africa has weathered the storm.
"Things are starting to look better now", says Stofberg.
Moody’s and S&P’s next reviews are scheduled for November 24.
