South Africa’s recent credit-rating upgrades are a strong endorsement of government policy and show the nation can restore its coveted investment-grade status if it stays on track, said the National Treasury chief.
“This is a clear change of direction in our ratings trajectory after more than a decade of negative ratings news,” Duncan Pieterse wrote in an op-ed published on News24 Thursday.
“It could ultimately see South Africa regain its investment grade status — if it continues to do the right things on fiscal and economic policy.”
Fitch Ratings raised its credit assessment of South Africa on June 5 to BB, two notches below investment grade, delivering the upgrade before putting the rating on a positive outlook as it often does before taking such a step.
The move brought it in line with Moody’s Ratings and S&P Global Ratings, which also have the nation on a positive outlook — a significant marker of confidence against the backdrop of dimming global growth prospects and heightened inflation risks due to the Iran war.
