BRIEF-S&P Says South Africa Outlook Revised To Positive

May 20 (Reuters) -

* S&P SAYS SOUTH AFRICA OUTLOOK REVISED TO POSITIVE ON RESILIENT EXTERNAL SECTOR; RATINGS AFFIRMED

* S&P SAYS FAVORABLE TERMS OF TRADE CONTINUE TO SUPPORT SOUTH AFRICA'S FISCAL AND EXTERNAL RECEIPTS

* S&P SAYS FLEXIBLE CURRENCY AND DEEP CAPITAL MARKETS ALONGSIDE SOUTH AFRICA'S NET EXTERNAL CREDITOR POSITION WILL HELP CUSHION THE EXTERNAL RISKS

* S&P SAYS FORECAST THAT SOUTH AFRICA'S FISCAL DEFICITS WILL REMAIN ELEVATED BUT GRADUALLY NARROW TO 5% OF GDP BY FISCAL 2025 (YEAR-ENDING MARCH 2026)

* S&P SAYS REVISED OUR OUTLOOK TO POSITIVE FROM STABLE ON SOUTH AFRICA

* S&P SAYS EXPECT SOUTH AFRICA TO POST A CURRENT ACCOUNT SURPLUS IN 2022 (THOUGH SMALLER THAN IN 2021) FOR THIRD CONSECUTIVE YEAR

* S&P SAYS SHARPER-THAN-EXPECTED SLOWDOWN IN CHINA COULD ALSO WEAKEN COMMODITY PRICES AND DAMPEN DEMAND FOR SOUTH AFRICA'S EXPORTS

* S&P SAYS HIGHER-THAN-EXPECTED TAX REVENUE TO HELP SOUTH AFRICA TO REDUCE FISCAL DEFICIT, DEBT AS PROPORTION OF GDP RELATIVE TO S&P'S EXPECTATIONS 6 MONTHS AGO

* S&P SAYS SOUTH AFRICA'S STRUCTURAL CONSTRAINTS, INCLUDING ENERGY SHORTAGES, INFRASTRUCTURAL BOTTLENECKS TO CONTINUE TO LIMIT MEDIUM-TERM ECONOMIC GROWTH

* S&P SAYS THE IMPACT ON SOUTH AFRICA FROM RECENT KWAZULU-NATAL FLOODS IS LIKELY TO BE TEMPORARY AND A RECONSTRUCTION OPERATION IS IN PROCESS

* S&P, ON SOUTH AFRICA, SAYS EXPECT THAT ESKOM WILL FACE SIGNIFICANT PRESSURE THIS YEAR DUE TO HIGHER UNPLANNED OUTAGES AT ITS COAL-FIRED PLANTS

* S&P SAYS VIEW SOUTH AFRICA'S CONTINGENT LIABILITIES AS MODERATE POSING A DRAG ON COUNTRY'S PUBLIC FINANCES

* S&P SAYS SOUTH AFRICA'S EXTERNAL DEBT, NET OF LIQUID ASSETS, IS RELATIVELY LOW, AT LESS THAN 30% OF CURRENT ACCOUNT RECEIPTS