News24 | Fitch upgrades SA for the first time in 21 years
Fitch Ratings has upgraded South Africa's Long-Term Issuer Default Rating to BB from BB-, marking the first upgrade in 21 years. The agency praised the country's fiscal management and progress in reducing state debt, although it noted that South Africa still has a way to go to regain its investment-grade status. This upgrade comes amid a broader trend of negative credit ratings globally, highlighting a significant turnaround for South Africa's credit outlook.
- ▪Fitch upgraded South Africa's credit rating for the first time in almost 21 years.
- ▪The upgrade reflects South Africa's prudent management of government finances and progress in reducing state debt.
- ▪Fitch expects stronger local economic growth due to eased supply-side constraints and structural reforms.
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Fitch Ratings upgraded South Africa’s Long-Term Issuer Default Rating to BB from BB- on Friday.Fitch says SA’s debt-to-GDP levels will be “well below” what it previously expected when it downgraded SA to BB- in 2020. Treasury said South Africa still has some way to go to regain its investment-grade credit rating, but for the first time in more than a decade, there’s a clear turnaround in the downward ratings trend.For more financial news, visit News24 Business.Fitch has upgraded South Africa’s credit rating for the first time in almost 21 years, lauding its “prudent” management of government finances and progress in reining in state debt.Fitch hiked South Africa’s Long-Term Issuer Default Ratings to “BB” from “BB-”, with a stable outlook.
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