Economists say the latest decision to revise down the outlook on South Africa's debt from positive to negative is a warning to government. International ratings agency, Standard and Poor's has cited a worsening fiscal and debt trajectory for its latest decision. Econometrix Chief Economist Dr Azar Jammine says S&P is likely to downgrade South Africa further into non-investment grade if government does not implement the necessary economic reforms.s our journey from digital adolescence to a more mature, responsible and inclusive future,” he wrote.