Bangkok--19 Sep--Standard & Poor's Political risk will continue to weigh on the ratings of Sub-Saharan African countries, Standard & Poor's Ratings Services said in a report published today. Titled "Fewer Bullets, More Ballots: How Political Stability And Governance Affect Sovereign Ratings In Sub-Saharan Africa," the report demonstrates that, although the risk of political instability has generally fallen in rated Sub-Saharan African sovereigns over the past decade, poor governance standards remain a major challenge to creditworthiness. Fewer armed conflicts and multiparty elections organized throughout the continent testify to the advance of political stability in Sub-Saharan Africa. Nevertheless, the transition toward representative democracy is still ongoing, with serious credit concerns pending."Politics are often personality driven and succession is a key issue, with potential repercussions on policy continuity and reform agendas," said Standard & Poor's credit analyst V?ronique Paillat-Chayrigu?s. The absence of opposition, flawed elections, and poor popular representation also affect, to varying extents, progress toward electoral democracy. Although these issues are unlikely to compromise the greater stability of the rated countries in the short term, they show that institutions need to further mature to entrench stability in the long term. Strengthening governance is in this respect a prerequisite. "The correlation between sovereign ratings and governance is complex, but the lever effects of improving governance are important, particularly for institutional stability, growth prospects, infrastructure standards, public finances, and investment and aid inflows," said Ms. Paillat-Chayrigu?s.Progress has already been made, often in partnership with the donor community, and several African governments have started to implement best practices to improve governance. "The rating as a tool to enhance transparency is part of this process," added Ms. Paillat-Chayrigues. Nevertheless, in light of the continent's extremely heavy socioeconomic challenges, much remains to be done to durably improve the populations' living standards, which would be the best guarantor of long-term political stability. The report is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-9823 or sending an e-mail to [email protected]. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; select Ratings in the left navigation bar, then Credit Ratings Search. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4017. Members of the media may also contact the European Press Office by sending an e-mail to [email protected]. Media Contact: David Wargin, New York (212) 438-1579 [email protected] Analyst Contacts: Veronique Paillat-Chayrigues, Paris (33) 1-4420-6781 Farouk Soussa, PhD., London (44) 20-7176-7104 Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries. Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com. Key Contacts: Americas Media Relations: (1) 212-438-6667 media_ [email protected] Americas Customer Service: (1) 212-438-7280 [email protected]