Standard & Poor’s Global Ratings raised South Africa’s foreign currency long-term sovereign credit rating by one notch to ‘BB’ from ‘BB-’, and affirmed its positive outlook on November 14, 2025, marking the country's first credit rating upgrade since 2005. The agency cited improving growth and fiscal trajectory, along with reduced financial risks associated with the state-owned enterprises, notably power utility Eskom. Meanwhile, S&P said the positive outlook reflects the potential for better fiscal metrics and more stable government debt if the coalition government continues its fiscal consolidation. It also points to the possibility of stronger growth than expected, despite trade and tariff challenges, if authorities speed up economic reforms and address infrastructure pressures. Moody's credit rating for South Africa was last set at Ba2 with stable outlook.