JOHANNESBURG -- The South African National Treasury has welcomed Fitch Ratings' decision to upgrade the country's long-term foreign and local currency debt ratings.
On Friday, Fitch upgraded South Africa's Long-Term Issuer Default Ratings from 'BB-' to 'BB' and maintained a stable outlook.
The agency noted that despite weak economic growth and persistent domestic and external shocks, South Africa has implemented prudent fiscal management and made visible progress on fiscal consolidation.
According to the National Treasury, gross domestic product (GDP) adjustments have left the government's debt-to-GDP ratio well below the levels anticipated when the country was downgraded to 'BB-' in 2020.
The Treasury highlighted that this marks Fitch's first sovereign rating upgrade for South Africa in nearly 21 years, making it only the second G20 nation to be upgraded by the agency this year.
