# Fitch Ratings has upgraded South Africa’s long-term issuer default rating to ‘BB’ from ‘BB-‘ and the outlooks are stable. It says the upgrade primarily reflects South Africa’s record of prudent fiscal management and progress on fiscal consolidation, despite weak economic growth and domestic and external shocks. Fitch Ratings says together with gross domestic product revisions, this leaves debt and GDP well below levels anticipated when they downgraded it to ‘BB-‘ in 2020. Fitch Ratings adds that South Africa has achieved fiscal primary surpluses of one-percent of GDP on average over the last four years.
Fitch Ratings upgrades South Africa to BB, outlook stable