# Government has welcomed Fitch’s decision to upgrade South Africa’s long-term foreign and local currency credit ratings to ‘BB’ from ‘BB-’ and maintain the stable outlook. According to Fitch, the upgrade reflects South Africa’s record of prudent fiscal management and its progress on fiscal consolidation, despite weak economic growth and domestic and external shocks. Fitch said this leaves government debt and gross domestic product ratio well below levels anticipated at the time of the rating downgrade to ‘BB- in 2020. Government says this is Fitch’s first rating upgrade for South Africa in almost 21 years.
Government welcomes Fitch’s decision to upgrade South Africa’s long-term credit ratings