By Thebe Mabanga and Johnathan Paoli
South Africa has secured its first sovereign credit rating upgrade from a major agency in more than a decade and a half, with S&P Global Ratings lifting the country’s long-term foreign currency rating to BB from BB- and its local currency rating to BB+ from BB.
The outlook remains positive, signalling that further upgrades could be on the horizon if economic and fiscal improvements hold.
The National Treasury welcomed the decision, describing it as a milestone that reflects a meaningful improvement in the country’s growth prospects, public finances, and the reduction of risks posed by state-owned entities, particularly Eskom.
“Government is improving the health of the public finances and accelerating infrastructure investments. Over the medium term, this will strengthen growth prospects, reduce borrowing costs, improve confidence, and foster faster job creation,” the treasury said in a statement.
The upgrade places South Africa among only
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