South Africa has one more credit ratings hurdle clear. Standard and Poor's is expected to release its review of the economy this Friday. The country narrowly escaped downgrades from Fitch and Moody's last week. But it may not be that lucky when S-and-P delivers its verdict. Moody's rating of South Africa is two notches above sub-investment grade, allowing for some breathing space. Fitch has the country just one notch above junk status and its outlook was on stable, then moved to negative last week. But S-and-P rates South Africa one notch above non-investment grade and its outlook is already negative. Which means the next move is a ratings cut, unless the agency decides to do nothing and keep South Africa on triple-B minus with a negative outlook.