Fitch’s decision to upgrade SA ‘not surprising’: Economist
Fitch upgraded SA’s long-term currency credit rating from BB- to BB and the outlook remains stable.
Black News 
Nedbank Senior Economist Isaac Matshego says rating agency Fitch’s decision to upgrade South Africa is not a surprise.
The rating agency upgraded SA’s long-term currency credit rating from BB- to BB and the outlook remains stable for the first time in over two decades.
Government welcomed Fitch’s decision and said it is show of confidence in the country’s public finance management.
The agency also cited ongoing structural reforms and progress in fiscal consolidation despite weak economic growth and external shocks as positive features.
The decision by Fitch follows a rating upgrade by S&P Global last year, while Moody’s rating agency has assigned the country a positive outlook.
Matshego says, “Fitch rating’s upgrade of South Africa’s long term foreign currency rating is not a surprise, it is a welcome development that recognises the government’s efforts to stabilise its finances and get growth going faster. The rating upgrade acknowledges that South Africa is unlikely to experience a significant shock from the global shocks that we are experiencing right now.”
Fitch Ratings has upgraded South Africa’s long-term foreign and local currency credit ratings to ‘BB’ from ‘BB-’ and maintained the stable outlook. This is Fitch’s first rating upgrade on South Africa in almost 21 years. @GovernmentZA pic.twitter.com/kJgcTlgrJo
— National Treasury RSA (@Treasury_RSA) June 5, 2026
