South Africa's rand steady, but rating review poses risk

South Africa's rand was flat against the dollar in early Friday trade, with dealers and analysts expecting caution to prevail ahead of a rating review by Standard & Poor's which could result in a sub-investment rating if unfavourable. The JSE securities exchange's Top-40 futures index was up 0.42 percent, suggesting the local bourse would open a touch firmer at 0700 GMT. The review is expected after South Africa's bond and stock markets are closed for the day, although the rand will still be