In This Issue: Filling The Funding Gap For African Sovereigns After Debt Relief: Under the heavily indebted poor countries initiative and associated IMF economic programs, the debt forgiveness has been largely accompanied by political and macroeconomic stabilization, increased success on structural reform, improved governance standards, and sound economic policies. Domestic Debt Markets In Sub-Saharan Africa Move Forward: Although certain governments in sub-Saharan African countries have been issuing local currency debt for more than 20 years, government debt markets in the region are at an early stage of development. Nevertheless, the region is generally moving forward to create open and transparent domestic capital markets necessary for economic progress. Project Finance In Developing Countries: Raising, Deploying Capital Effectively: Today's fiscal and political realities have forced governments to shift infrastructure investment to the private sector, suggesting that governments may not want to support fledging projects and that demand will outpace infrastructure development, even in growing economies. Standard & Poor's South Africa National Scale Ratings: Standard & Poor's South Africa national scale serves issuers, counterparties, intermediaries, investors, and insurers involved in the financial markets in South Africa by providing both debt credit ratings that apply to a specific debt instrument, and issuer credit ratings that apply to an obligor. National Rating Scale Opens Door To Rating South African Securitizations: The degree of innovation and complexity of the transactions and structures used to date bears a closer resemblance to developments in the U.S. market, rather than the European market. Of the €6.13 billion worth of structured finance notes issued into the South African market since the start of 2000, 54% by volume was backed by ABS receivables, 39% by RMBS, 5% by CMBS, and 2% by CDOs. | 
