S&P highlighted progress under the second phase of Operation Vulindlela, which focuses on reforms in electricity, transport, water, housing, local government, and digital transformation.
South Africa has received another vote of confidence from international credit rating agency S&P Global Ratings, which has affirmed the country’s long-term foreign currency sovereign credit rating at BB and its local currency rating at BB+, while maintaining a positive outlook.
The decision, announced on Friday, comes just a week after fellow ratings agency Moody's revised South Africa’s outlook from stable to positive, signalling growing confidence among global investors in the country’s fiscal management and reform agenda.
This affirmation comes after S&P upgraded South Africa’s ratings in November 2025 with a positive outlook, which was the first upgrade in more than 16 years by any of the major global rating agencies.
The latest affirmation marks another milestone in South Africa’s efforts to rebuild investor confidence after years of weak growth, rising debt and governance challenges. It also strengthens hopes that sustained reforms and fiscal discipline could pave the way for further rating upgrades in the coming years.
