Ratings agencies have no interest in South Africa's fiscal policy - their clients do.
The ratings agencies are like judges in the parade ahead of a horse race - which one should punters place a bet on? Horse SA is lame, has a jockey that is heading in the wrong direction, and is emaciated owing to lack of sustenance.

By the way, ratings agencies evaluate countries based on a wide range of criteria, not just fiscal policy (taxation and spending) - also monetary policy, governance, legal framework, entrepreneurship etc etc.

If you fail your examinations, is it the examiner's fault (ratings agencies) or the student (SA)?