Fitch, which rates South Africa at BBB-, one notch above speculative grade, is expected to publish a review of the country's debt rating on June 3.
The government is mulling the implementation of a national minimum wage but has not set a date for its introduction.
"The authorities may see a need to react to the discontent about insufficient improvement to living standards by pushing costly social programmes," Fitch head of EMEA sovereign ratings Jan Friederich told a banking conference, referring to the upcoming elections.
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