Fitch Ratings raised on June 5, 2026, South Africa’s foreign currency long-term sovereign credit rating by one notch to ‘BB’ from ‘BB-’, while maintaining a stable outlook. The agency cited prudent fiscal management and progress on fiscal consolidation, despite weak economic growth and persistent domestic and external shocks. The move marked the country’s first credit rating upgrade since 2005, aligning with other rating agencies, although it remains two notches below investment grade. Fitch pointed to the country’s transition from primary fiscal deficits to consistent and widening primary surpluses, improved revenue collection, disciplined expenditure management and signs that government debt is stabilising. Ongoing reforms in the energy and logistics sectors were also mentioned as likely to support economic growth in the years ahead. S&P's credit rating for South Africa stands at BB with a positive outlook. Moody's credit rating was last set at Ba2 with a positive outlook.