At 1621 GMT, the rand traded at 17.2300 against the dollar, 0.73% stronger than its previous close.
ETM Analytics said in a research note that it expected S&P and Moody's to leave South Africa's ratings and outlooks unchanged.
Although government finances have been boosted by high commodity prices, risks like persistent power cuts and a public sector wage dispute mean the ratings agencies may wait until after the February budget before taking any action, it said.
Next week, investors will focus on an interest rate decision by the South African Reserve Bank (SARB) on Thursday, a day after the release of October inflation figures.
Consumer inflation slowed to 7.5% year on year in September, but it remains well above the SARB's 3%-6% target range.
South Africa's Reserve Bank will hike its repo rate another 75 basis points to 7.00% to reinforce its action over sticky and uncomfortably high inflation, a Reuters poll found on Friday.
On the Johannesburg Stock Exchange, the Top-40 index closed 0.6% higher.
The government's benchmark 2030 bond was stronger in afternoon deals, with the yield down 4.5 basis points at 10.395%.
(Reporting by Nellie Peyton and Anait MiridzhanianEditing by Alexander Winning, Simon Cameron-Moore and Louise Heavens)
