South Africa has secured its first credit upgrade in two decades after S&P Global Ratings lifted the country’s sovereign ratings by one notch to BB on the back of reforms and growing fiscal revenue.
The agency upgraded its foreign currency sovereign credit rating for Africa’s most industrialised nation to BB from BB- on Friday, two notches below investment grade. The local currency rating also increased a notch to BB+.
S&P said it had a positive outlook given the “potential for further improvements in fiscal metrics and government debt stabilisation” after a medium-term budget update this week signalled that government debt was coming under control.
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