Fitch upgrades South Africa’s credit rating after 21 years
Rating agency Fitch has upgraded South Africa’s long-term currency credit rating from double-B-minus to double-B, and the outlook remains stable.
This marks Fitch’s first rating upgrade for the country in nearly 21 years.
Fitch says the decision reflects the government’s progress on fixing public finances.
This comes despite weak economic growth and recent domestic and global shocks.
The agency also praised South Africa’s low levels of foreign currency debt.
Ongoing reforms in energy and logistics are expected to lift future economic growth.
The move follows a similar upgrade by S&P Global in November 2025. Moody’s also recently placed South Africa on a positive outlook.
All three major global agencies now place South Africa just two levels below investment grade.
The country originally lost its investment-grade status in 2020.
The government expects further reviews from Moody’s and S&P within the next 12 to 18 months. Officials hope these reviews will finally push South Africa out of “junk status.”
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