Goldman sees more South Africa rating upgrades on strong revenue

South Africa’s revenue outperformance puts the country on course for further credit-ratings upgrades over the next year, Goldman Sachs Group Inc. said. National Treasury data for June shows corporate tax collections grew about 5.5% to R385-billion on a semi-annualised basis, boosted largely by mining-industry export profits. The figure, released this week, was well above the R345-billion achieved in the 2025-26 fiscal year as well as the R364-billion projected in the February budget for 2026-27.

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