S&P Global Ratings does not expect any significant policy shift as a result of South Africa’s government of national unity (GNU) formed following the May 29 elections when the African National Council (ANC) failed to secure an overall majority for the first time since 1994. The ANC’s GNU proposal was opened to all parties and a Statement of Intent outlining principles and basic minimum programme of priorities has been signed by the Democratic Alliance, the Inkatha Freedom Party, and the Patriotic Alliance, with others parties also expected to join.