Fitch upgrade boosts confidence in SA reforms but growth challenges remain, says EY

South Africa Wins First Fitch Upgrade in 21 Years as Fiscal Discipline Pays Off

Fitch upgraded South Africa from BB- to BB on June 5—first in 21 years—driven by 1% GDP surplus discipline over four years. The upgrade narrows the investment-grade gap, signaling wider global capital access and potential support for bonds and equities if debt-to-GDP improves.