Major boost for South Africa as Fitch upgrades sovereign credit rating for first time in 21 years

South Africa earns first Fitch ratings upgrade in more than two decades.

South Africa has secured a significant boost to its international credit standing after Fitch Ratings upgraded the country's long-term foreign and local currency credit ratings from BB- to BB.

The move, announced on Friday, marks the first time in nearly 21 years that Fitch has raised South Africa's sovereign credit rating and reflects growing confidence in the country's fiscal position.

Fitch said the upgrade was driven by prudent management of public finances and steady progress in strengthening the country's fiscal outlook, despite sluggish economic growth and a range of domestic and global economic challenges.

The agency noted that South Africa's debt-to-GDP ratio has tracked well below the levels it had anticipated when it downgraded the country to BB- in 2020.

South Africa earns first Fitch ratings upgrade in more than two decades.

South Africa has secured a significant boost to its international credit standing after Fitch Ratings upgraded the country's long-term foreign and local currency credit ratings from BB- to BB.

The move, announced on Friday, marks the first time in nearly 21 years that Fitch has raised South Africa's sovereign credit rating and reflects growing confidence in the country's fiscal position.

The agency noted that South Africa's debt-to-GDP ratio has tracked well below the levels it had anticipated when it downgraded the country to BB- in 2020.