S&P upgrades South Africa for first time in nearly 20 years as reforms gain traction

South Africa secured its first credit rating upgrade in nearly 20 years after S&P Global raised the country’s foreign-currency long-term sovereign rating to “BB” from “BB-“, citing stronger growth prospects, an improving fiscal outlook and reduced contingent liabilities following better performance at state power utility Eskom.

The National Treasury has worked to arrest rising debt and restore fiscal credibility to put the country back on a growth path.

Source: Reuters