S&P, Moody's, Fitch Upgrade South Africa's Credit Rating Between November 2025 and June 2026

According to Busisiwe Mavuso, CEO of Business Leadership South Africa (BLSA), three major credit rating agencies upgraded South Africa's sovereign credit rating between November 2025 and June 2026, reflecting improved policy credibility. S&P raised South Africa's long-term foreign currency credit rating by one notch in November 2025, marking its first upgrade in two decades. Moody's revised its outlook from stable to positive in late May 2026, while Fitch upgraded the country's long-term credit rating on June 5, its first upgrade in 21 years. The upgrades follow a sustained fiscal consolidation program, including a widening primary budget surplus since 2023/24 and a planned fiscal trajectory targeting government debt to peak at 78.9% of GDP in 2026 before declining toward 75% by decade-end.
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